$BNB price hits an all-time high
Last night (December 3), the President of South Korea suddenly announced martial law. Although the National Assembly quickly passed a vote in favor to lift the martial law just an hour later, the financial market was still the first to be affected, with Bitcoin ($BTC) plunging to $62,000 on South Korean exchanges.
However, with the bull market in full swing, the cryptocurrency market has also shown remarkable resilience, launching a full counterattack after the lifting of martial law. Bitcoin ($BTC) rebounded from around $90,000 to $98,000, while the ecosystem token $BNB of the well-known exchange Binance broke through its historical high.
Image source: tradingView $BNB price chart
According to CoinGecko data, $BNB skyrocketed by 15.9% in the past day, breaking through from a low of $633 and ultimately reaching an all-time high of $771, with its market cap surpassing $110 billion. As of the time of writing, it has slightly retraced to $754.
Expected to soar to 'this level'
This wave of counterattack for $BNB is not coincidental. From the market fundamentals, according to DeFiLlama's data, Binance led the inflow of cryptocurrency funds in 2024, attracting as much as $21.6 billion throughout the year, far exceeding other competitors. The second-ranked Bybit only reached $7.47 billion, while the third-ranked OKX reported $4.37 billion.
From a technical analysis perspective, from June to November 2024, the price of $BNB maintained a range of fluctuations. The long-term sideways consolidation has undoubtedly accumulated ample momentum for the current breakout.
Analysts believe that this wave of growth for $BNB may just be the beginning. Based on recent trends, $BNB successfully broke through the famous 'inverted head and shoulders' pattern in technical analysis. This pattern is usually seen as a strong signal for price reversal, and after the breakout, the original resistance level of $690 was transformed into a support level.
Image source: tradingView $BNB price chart
In addition, Fibonacci extension tools indicate that the next key resistance levels for BNB are $810 (corresponding to the 0.786 extension level) and $925 (corresponding to the 1.0 extension level).
Analysts point out that if the bulls can maintain their current momentum and continuously break through resistance levels, there is a chance to challenge $1,200 in this bull market round, achieving an increase of over 60%.
[Disclaimer] The market carries risks, and investments should be made cautiously. Analyst views are for reference only, and users should refer to a variety of indicators to determine whether to invest, considering whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at your own risk.
'BNB price hits an all-time high! Analysts: The upward trend hasn't stopped and is expected to soar to 'this level'' was first published on 'Crypto City'
