Binance (BNB) coin price crosses the $600 mark and crosses a multi-month resistance zone. While 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 surge towards the psychological $1000 mark? Let’s find out in Coinpedia’s latest BNB price analysis.
Performance of Binance Coin (BNB).
With a strong break from the psychological barrier of $600, the BNB token price is currently trading at $633. With an intraday gain of 5.95%, Binance Coin’s continued recovery is worth 16.54% over the past week.
The breakout rally is currently heading towards the 78.60% Fibonacci level to challenge the psychological barrier of $650.
Technical indicators support breakout
The growing bullish influence has led to a gold crossover between the 50-day and 200-day EMA, which gained strength. As the uptrend continues, the 100-day and 200-day SMA will likely produce a positive crossover.
Speaking of positive crossovers, the MACD and signal lines have aligned positively again with a wave of bullish histograms. So, the significant increase in buying pressure has turned the technical indicators positive.
Will Binance Coin Reach $1000?
If the uptrend continues above the 78.60% Fibonacci level, Binance Coin is likely to create a new all-time high above $724. 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 increasing chances of a bull run as the broader market recovers, Binance Coin is likely to reach the psychological $1,000 mark in the coming months. On the other hand, a small retest of the $600 breakout is possible. This gives price action traders an opportunity to get in after the retest. Meanwhile, the breakout opportunity also awaits at $650.
To understand the possibility of the BNB token reaching the $1,000 mark, read this article Binance (BNB) price prediction!
Frequently asked questions
Binance Coin is trading at $633 with an intraday gain of 5.95%.
The next targets are $650, $798 and $924, with a long-term potential of $1,000.
A crucial support lies at $600, which could act as a starting point after the retest.
