CandleFocus

BNB Price Eyes $600 After 6.26% Weekly Gain: Is $747 a New ATH on the Horizon?

Author: Content Editor
The Binance coin (BNB) has experienced a bullish reversal and is heading towards a critical breakout event that could lead to a new all-time high. The price has increased by 2.17% in the past 24 hours and 6.26% in the last seven days. Despite a minor pullback in the altcoin market, BNB is currently trading at $583 with a market cap of $85.213 billion, and it is gradually approaching the $600 mark. The 4-hour chart shows a support trendline fallout, but the BNB price quickly found support at $537 and started a recovery rally. The price action forms a rounding bottom formation, with a neckline near the $610 supply zone. While facing opposition near the 38.20% Fibonacci level at $587, the BNB price is experiencing a bullish crossover between the 50 and 100 EMA. The 4-hour RSI line indicates an overall bullish sentiment. The potential for a bullish breakout could target the $639-$667 range in the short term and the 161.80% Fibonacci level at $747 by the end of 2024. However, the broader market sentiment will play a crucial role in determining price fluctuations towards the target.

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