Key Takeaways:
BNB price gained over 15% and traded to a new all-time high at $773.
It broke a crucial bearish trend line with resistance near $610 on the monthly chart.
The price could continue to surge and might test the $900 resistance.
BNB price prediction bullish (1)
BNB price is gaining bullish momentum above $700. The recent breakout points toward more upsides and a possible target of $920.
BNB Price Starts Fresh Rally and Hits New ATH
After forming a strong support base above the $500 level, BNB price started a decent increase. The recent increase in Bitcoin, XRP, DOGE, and SOL also improved market sentiment. BNB bulls were able to clear a few hurdles near the $580 and $600 levels.
The price cleared a crucial bearish trend line with resistance near $610 on the monthly chart. It gained over 15% in the past two sessions and cleared the $724 high. A high all-time high was formed at $773 and the price is now consolidating gains.
BNB reached over $770, hitting a new ATH! pic.twitter.com/ZyjnAKtdmx
— Binance (@binance) December 4, 2024
The price is now trading well above the 50-month simple moving average (blue) and $700. The last three monthly candles point toward more upsides above $775.
BNB price monthly chart | Source: TradingView.com
BNB price is now approaching a major resistance at $800. It coincides with the 1.236 Fib extension level of the last key decline from the $724 swing high to the $403 low. A clear move above the stated resistance zone could send the price further higher.
The next stop for the bulls could be the 1.618 Fib extension level of the last key decline from the $724 swing high to the $403 low at $920. Any more gains might send the price toward the $1,000 resistance level.
Pullbacks Supported?
If BNB price fails to clear the $800 resistance, it could start a downside correction. Immediate support on the downside is near the $700 handle.
The next major support is near the $650 zone (a multi-touch zone). If the bulls fail to protect the $650 support, the price could again move into a bearish zone. In the stated case, it could revisit the $600 support. Any more losses could open the doors for a move toward the $480 support zone.
Overall, BNB price is signaling a major upside break above the $700 and $725 levels. A weekly close above the $775 and $800 levels could send the price toward $920 or even $1,000. Conversely, the price might correct lower and retest $650.
The post BNB Price Skyrockets: Why $900 May Be Closer Than You Think appeared first on CoinChapter.
