Crossing above the $600 mark, Binance’s (BNB) coin price surpasses a multi-month resistance zone. As the breakout rally creates a solid bullish candle, the bull run increases the chances of a new all-time high.
Will this breakout rally result in a price jump to the $1000 psychological mark? Let’s find out in Coinpedia’s latest BNB price analysis.
Binance Coin (BNB) Performance
With a strong breakout of the $600 psychological mark, the BNB token price is currently trading at $633. With an intraday gain of 5.95%, the ongoing recovery in Binance Coin accounts for 16.54% in the last week.
The breakout rally is currently heading towards the 78.60% Fibonacci level to challenge the $650 psychological mark.
Technical Indicators Support Breakout
The growing bullish influence has led to a golden crossover between the 50-day and 200-day EMA, gaining momentum. As the uptrend continues, the 100-day and 200-day SMA will likely give a positive crossover.
Speaking of positive crossovers, the MACD and signal lines have regained a positive alignment with a surge of bullish histograms. Hence, the significant increase in buying pressure has turned the technical indicators positive.
Will Binance Coin Hit $1000?
If the uptrend continues above the 78.60% Fibonacci level, the Binance Coin is likely to create a new all-time high above the $724 mark. Based on the retracement tool, the upcoming price targets for Solana are at $798 and $924 at 1.272 and 1.618 Fibonacci levels.
Amid the increasing bull run chances as the broader market recovers, the Binance Coin is likely to hit the $1000 psychological mark in the upcoming months. On the flip side, a minor retest of the $600 breakout is possible. This will bring a post-retest entry opportunity for price action traders. Meanwhile, the breakout opportunity also awaits at $650.
To understand the possibility of the BNB token reaching the $1,000 mark, read Binance (BNB) Price Prediction!
FAQs
Binance Coin is trading at $633 with a 5.95% intraday gain.
Next targets are $650, $798, and $924, with a long-term potential of hitting $1,000.
A crucial support lies at $600, which could act as a post-retest entry point.
