Albert Brown
Binance Coin (BNB) is poised to break through the $600 resistance level, potentially setting the stage for a new all-time high above $724 later this year.
The broader market has gained significant momentum as Bitcoin (BTC) rises above the $75,000 mark, briefly touching the $76,000 level. Binance Coin has been a standout among the top performers.
With BNB testing the $600 zone and the possibility of a breakout, the cryptocurrency is preparing for a massive bull run. Will this surge push Binance Coin to a new all-time high, surpassing the $724 mark?
Can Binance Coin Surpass its Multi-Month Resistance?
On the daily chart, BNB’s price action shows a swift recovery from a recent 7-day low of $543. Despite briefly dipping below the $550 psychological level and the 100-day simple moving average, the broader market’s recovery has propelled Binance Coin’s price upward.
BNB has experienced a 9.4% jump from its 7-day low to the current market price of $594. With a 24-hour high of $611, buyers attempt to finally overcome the $600 resistance level.
The struggle to secure a strong 24-hour close above $600 remains significant. This level has historically acted as a formidable resistance, causing several bearish reversals and coinciding with the 61.80% Fibonacci retracement level.
The intraday rejection at higher prices suggests the possibility of a bearish reversal, but the broader market recovery hints at the potential for an uptrend continuation. Hence, the price action traders are suggested to wait for is a strong closing before finding a bullish entry.
Supporting the bullish possibility, the MACD and signal lines are on the verge of giving a positive crossover. Meanwhile, the simple moving averages 50-day, 100-day, and 200-day maintain a sideways trend following the golden crossover.
Will BNB Coin Price Cross $724?
BNB’s price action has formed a consistent higher-low pattern in recent intraday movements, which increases the likelihood of a bullish breakout. According to Fibonacci retracement levels, a breakout above the 61.80% level could propel Binance Coin to challenge the 78.60% level at $655, ultimately aiming for the 100% level at $724. If successful, this could result in a new all-time high for Binance Coin.
On the downside, if the bullish momentum fails to materialize, critical support levels are found at $564 and $526.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
