Will Binance (BNB) Witness 60% Price Surge To $900 Amid Market Pullback?
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Bitcoin’s bearish turn of events puts the altcoin segment on the back foot with a bloodbath in many top coins. Amidst such situations, the BNB price trend glimmers with a shining hope of revival.
With an overnight jump setting the stage for the the $600 level breakout, the price action reveals multiple bullish patterns. So, will the changing dynamic in the underlying sentiments of Binance lead to a new all-time high above $716? Will the Binance price prediction of $1,000 in 2024 stand true?
Bulls Within Triangle Eyes An Upside Swing For Binance
Constricting the current flow of recovery, a short-term resistance trendline restricts BNB price under $600. Currently, the Binance token trades at $586 with an intraday drop of 0.30% following the overnight jump of 2.42% to form a bullish engulfing candle.
With two converging trendlines in the daily chart, the BNB price action forms a triangle pattern. Further, with a neckline at $600, the altcoin teases an inverted head and shoulder pattern for a massive upside move.
Even in the weekly timeframe, a massive inverted head and shoulder can be traced out with a neckline at $662. Hence, the underlying sentiments relating to the Binance token are super bullish.
Technical indicators:
RSI Indicator: The daily RSI line above the halfway line gives a positive uptick and bolsters a bullish narrative.
EMA: The 50D EMA provides constant support to the BNB price and teases an uptrend continuation.
Will BNB Price Cross $600?
According to the trend-based Fibonacci level, the BNB price is facing bearish opposition at the 23.60% Fib level. Further, on the verge of a $600 psychological level, Binance stands at a crossroads. Upon breakout, the bull run in the altcoin could reach the 78.60% Fib level at $826 in the daily chart.
As per the weekly standards, the breakout run could scale to $945 in the coming weeks.
