CandleFocus

Binance Coin Eyes $600: Is Ethereum’s Fall a Catalyst?

Author: Content Editor
The price of Binance Coin (BNB) is approaching $600, catching the attention of traders. Bitcoin is also nearing $64,000, which is boosting market sentiment. The fear and greed index is currently at 45, indicating mixed emotions among investors. BNB has gained over 3% in the past 24 hours and is trading at $588.56. The 12-hour chart shows a bullish trend for BNB, with increasing confidence among traders. However, BNB is struggling to break the resistance level at $600, which has hindered its growth for the past five months. An ascending triangle pattern has formed, and short-term trends suggest a potential upward movement. On the 4-hour chart, a triangle breakout is underway, but faces resistance at the 61.80% Fibonacci level near $584. Analysts see potential for BNB to rise, especially as Ethereum's dominance declines, opening doors for Binance Smart Chain and Solana. BNB may target resistance levels at $651 and $710, with a new all-time high of $883 possible if momentum continues. However, support levels at $575 and $555 should be watched as potential price pivots.

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