BNB Price Analysis: Will Buyers Break $658 to Target $863?

Share This Post

BNB Price Analysis: Will Buyers Break $658 to Target $863?

The post BNB Price Analysis: Will Buyers Break $658 to Target $863? appeared first on Coinpedia Fintech News

As the 5th biggest cryptocurrency in the market, BNB price is currently trading at $650, with a market cap of $93.69 billion. As it enters closer to the $100 billion market cap, the Binance coin has increased by 4.44% in 24 hours.

With a new breakout rally in action, will the BNB price reach a new all-time high in 2024? Let’s find out in our latest Binance Coin price prediction. 

Binance Coin (BNB) Price Performance

In the daily chart, the BNB price action shows a bullish recovery rally from the 100-day SMA, gaining momentum. The decendent recovery run has surpassed the $600 psychological barrier, and faces opposition from the 78.60% level at $658. 

BNB Price chart

Tradingview

Currently, it is facing an intraday bull pack of 1.70%, following the 5.18% jump last night. Facing a short-term resistance from the 78.60% level, the uptrend rally could increase to $711 upon breakout. 

Technical Indicators Support Breakout

The MACD indicator shows a positive trend with a surge of bullish histograms. Furthermore, the simple moving average lines in the daily chart reveal a golden crossover. 

Amid the recent recovery run, the 100-day SMA witnesses an uptick, increasing the chances of a positive crossover with the 200-day SMA.

Will BNB Price Cross $700?

Beyond this, the Fibonacci-level spending price targets at 1.272 and 1.618 levels at $778 and $863, respectively. On the flip side, an intense pullback could retest the $600 psychological mark. This will provide a post-retest reversal and opportunity for price action traders. 

To understand the possibility of the BNB token reaching the $1,000 mark, read Binance (BNB) Price Prediction!

FAQs

What is the current price of BNB?

Binance Coin is trading at $633 with a 5.95% intraday gain.

What are the immediate price targets for BNB?

Next targets are $650, $798, and $924, with a long-term potential of hitting $1,000.

What is the key support level for BNB?

A crucial support lies at $600, which could act as a post-retest entry point.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days However, the cryptocurrency products

On-Chain Indicator Sets Bitcoin Cycle Top Price At $141K – Details

Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks After an impressive rally, the price is less than 2% away from the

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

As bitcoin catches its breath on the sidelines, a wave of digital currencies is charging ahead, making big moves Meanwhile, the infamous Altcoin Season Index is climbing, signaling exciting times for

Bitcoin Correction Looms As Analyst Predicts Fall To $85,600

The price of Bitcoin (BTC)  rose by 799% in the past week to reach a new all-time high of $99,655 on November 22 Thereafter, the maiden cryptocurrency has experienced a slight retracement in the

Ripple CEO Predicts US Crypto Boom, 76% of KOLs Shilled Worthless Meme Coins, and More — Week in Review

Ripple CEO predicts US crypto boom, study shows 76% of KOLs promoted worthless meme coins, Coinbase CEO strongly endorses DOGE, and more in this Week in Review Week in Review Ripple CEO Brad

Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?

The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bullish run all week long However, investors appear to be undeterred by the