- BNB is trading within a rising channel, maintaining strong support near the critical $500 long zone.
- The current price of $664.03 reflects renewed bullish momentum, with weekly gains of 1.45%.
- Bullish targets include $768.10, $899.24, and $1,028.84, based on Fibonacci extensions and historical resistance.
- A confirmed bounce from the lower trendline could trigger the next major rally for Binance Coin.
Binance (BNB) is holding the bullish momentum with the noticeable increment in the price after the recent prolonged volatility. Now BNB is trading inside a rising channel and holding strong support around the lower trendline, which often predicts both long-term and short-term potential. Traders and investors are closely watching this coin as the market has turned from bearish to bullish.
At the time of writing, BNB is trading at $664.03 with a 24-hour trading volume of $1.69B and a market capitalization of $93.55B. The BNB price over the last 24 hours is showing signs of stability, but over the last week it is up by 1.45% and showing high potential for the next major rally.
Source: CoinMarketCap
BNB Eyes Breakout And Poised to Break $1028
A prominent crypto analyst BitMonty suggested that Binance Coin (BNB) is currently trading within a well-established rising channel, signaling a steady uptrend as bulls maintain control. The price is getting close to the lower trend line in this channel, a consistently strong support level. This zone, specifically in the $500 area, is a critical Long Zone that technical analysts are keeping a very close eye on for long entry opportunities.
If BNB manages to stay above this critical support, a reversal from the lower trend line could start a move toward the channel’s upper boundary. This aligns with past patterns, where similar setups have led to strong upward momentum. A successful repulsing of the $500 level could signal the launching point for a fresh wave, drawing in both short-term traders and long-term investors.
Source: X
In bullish targets, analysts see $768.10 as the initial main area of resistance. A move above there could take prices to $899.24, with $1,028.84 a longer-term target, assuming wider market conditions stay intact. These targets use Fibonacci levels and previous resistance points as a guide, providing a map for the potential upside.
Overall, the price structure for BNB is technically healthy within its trending channel. So long as the support at the lower trendline is respected, the bullish point of view is intact. Volume and strength indicators need to be watched for a confirming bounce, as a move toward higher targets may manifest as a return to strength in one of the market’s top altcoins.
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