Home Altcoins News Binance Coin Rebounds: Could It Be Heading Toward $1,147

Binance Coin Rebounds: Could It Be Heading Toward $1,147

Binance Coin

Binance Coin (BNB), the native token of the Binance ecosystem, is showing signs of recovery after a sharp pullback. After hitting a key support level at $635, BNB has climbed back above $675, catching the attention of traders and analysts alike. With positive technical indicators and a long-term bullish chart pattern forming, many are speculating whether BNB could rally to new heights.

BNB Finds Stability Amid Market Fluctuations

The cryptocurrency market has seen its share of volatility recently, and BNB has been no exception. However, the token has demonstrated resilience, bouncing back from its $635 low and breaking past the $675 mark. This recovery is a positive sign for investors who have been eyeing the token’s potential amid broader market uncertainties.

One of the key milestones in this recovery was BNB’s ability to move above the $675 level, which coincided with breaking a downtrend line on its hourly chart. This move was further supported by the token’s rise above its 100-hourly simple moving average, a key technical indicator that often signals strength in the market.

Cup-and-Handle Pattern Signals Bullish Potential

One of the most discussed technical patterns in BNB’s chart is the formation of a cup-and-handle pattern, a bullish setup that typically indicates the potential for a significant price increase.

This pattern, which has been developing over the past few years, suggests that BNB could target a price of $1,147 in the long term. If this projection holds true, it would mark a substantial rally for the token, further cementing its position as a major player in the cryptocurrency market.

Key Levels to Watch

For traders looking to navigate BNB’s price movements, certain levels are worth monitoring:

  • Resistance Levels: The immediate resistance lies at $685, with a more significant barrier at $692. Breaking these levels could open the door for a push toward $700, a psychologically important price point for the market.
  • Support Zones: On the downside, BNB has strong support at $675, followed by $668 and $655. These levels could act as safety nets if the token faces selling pressure.

Binance Founder CZ Weighs In

Changpeng Zhao (CZ), the founder of Binance, recently shared his thoughts on BNB’s long-term potential. He pointed out that investors who have held BNB for more than four years have historically avoided losses. While CZ acknowledged that past performance isn’t a guarantee of future results, his comments have added to the growing confidence in BNB’s prospects.

What the Indicators Say

BNB’s technical indicators are also painting a bullish picture:

  • MACD: The Moving Average Convergence Divergence (MACD) indicator is in positive territory, suggesting that upward momentum is building.
  • RSI: The Relative Strength Index (RSI) remains above 50, indicating that the token is not oversold and has room to grow.
  • Fibonacci Retracement: BNB has completed a 76.4% Fibonacci retracement from its recent low of $637 to its high of $691, showing strong buying interest during the recovery phase.

Is $1,147 a Realistic Target?

While the cup-and-handle pattern suggests a long-term target of $1,147, achieving this level will depend on various factors, including broader market conditions and BNB’s ability to maintain its upward momentum. The token’s ability to break past $700 will be a crucial test in the coming days.

Conclusion

BNB’s recent price recovery from $635 and its current position above $675 signal strong bullish potential. With the formation of a long-term cup-and-handle pattern, the token could be on its way to a significant rally, possibly targeting $1,147.

For now, traders should keep a close eye on resistance at $685 and $692, as well as support at $675 and $668. As BNB navigates these key levels, it could set the stage for its next big move in the crypto market.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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