BinanceCoin (BNB) has recently surged to a new all-time high, reigniting excitement across the crypto market. Traders and investors are now closely watching key price levels to gauge the next move. While bullish momentum suggests the possibility of reaching $1,000, caution is warranted as a short-term pullback to $900 cannot be ruled out. Understanding these critical thresholds can help market participants make informed decisions and position themselves strategically in this highly dynamic rally.
The crypto markets remained largely calm during the weekend, which helped the top tokens to start the weekly trade on a bullish note. As Bitcoin surges past $116,000, the Binance Coin price, which has maintained a strong ascending trend since the start of the month, rises and smashes a new ATH. The expansion of the BNB Chain ecosystem and a major global bank highlighting growing institutional interest in crypto have been contributing to the growing momentum.
Now that the BNB price is correcting, the question is whether the correction will lead to a rally to $900 or if the token will rebound quickly and reach the $1000 milestone.
As predicted in our previous blog, the BNB price surged above the 1 FIB at $786 and marked a new ATH at around $945. This move attracted the bears, who seem to be booking the profits, causing a small pullback. In addition, the token is facing rejection from the parallel channel’s resistance, which may cause the price to correct if the bulls fail to defend the newly created support at $900. The RSI has undertaken a bearish divergence before entering the overbought zone, hinting towards the bulls falling weak.
On the other hand, the crypto market is also facing some upward pressure with the sentiments remaining neutral. Therefore, the BinanceCoin (BNB) price may face a small pullback while being within a bullish trajectory and mark the $1000 milestone in the coming days.