Approaching the $600 psychological mark, the Binance Coin (BNB) price is nearing a crucial crossroads. The months-long resistance remains the key bearish level in the daily chart, keeping the bull run on hold.
Will the recent bull cycle lead to a breakout rally to $800? Let’s find out in Coinpedia’s BNB price analysis.
Binance Coin (BNB) Performance
In the daily chart, the BNB price action reveals a rising support trend line, keeping the bullish growth in check. The BNB price is challenging a crucial resistance zone near the $600 psychological mark, leading to higher high formations.
Since June, the resistance zone has kept the BNB price under check, leading to multiple bearish reversals. The BNB price took support at $464, driving the sideways trend.
However, the rising underlying bullishness leads to a lower formation, creating an ascending triangle pattern. Currently, the bull cycle within the triangle pattern, accounting for three consecutive bullish candles with a 5.78% jump, challenges the supply zone.
However, the intraday pullback of 0.67% with higher price rejection warns of another bullish failure. Further, as the BNB price approaches the apex of the pattern, the broader market anticipates a breakout rally.
Technical Indicators Support Breakout
With the crypto market on a bullish note, the BNB price is expected to surpass the $600 psychological mark after taking support from the rising trend line. Increasing the possibility of a bullish breakout, the 50-day and 200-day AMA maintain a positive alignment and provide dynamic support.
Furthermore, the MACD and signal lines have recently given a bullish crossover with a surge in positive histograms. Hence, the technical indicators reveal a surge in underlying bullishness, increasing the possibility of a breakout.
Will Binance Cross $600?
Based on the Fibonacci level, the uptrend has surpassed the 50% Fibonacci level at $587, but the critical level remains the $600 mark. The ascending triangle breakout is likely to challenge the 78.60% or 100% levels at $658 or $711 by the end of the month.
In the longer term, the 1.618 Fibonacci level at $863 stands as a potential target for the lower end if the crypto market continues the bullish trend. On the flip side, the crucial support below the 50-day EMA is 23.60% Fibonacci level at $522, slightly below the 200-day EMA at $535.
Curious to know if the BNB price will hit $1,000. Check out Coinpedia’s Binance coin (BNB) price prediction now.
