Market mood has been on the upswing this week, helped along by Bitcoin's recent price surge towards the $64,000 level. Even though the market got off to a positive start, the fear and greed index is still at 45, thus overall market mood is neutral.
In light of the generally favorable market circumstances, the price of BNB has risen 0.46 percent during the last 24 hours and is now trading at $578.41. With a market worth of $84.40 billion, BNB coins are now the fourth largest cryptocurrency.
The Ascending Triangle of Binance Coin Controls What Occurs
On the 12-hour chart, the price action of Binance coins shows a rising trend, indicating that the positive sentiment is getting stronger. Nevertheless, the price of BNB coins is unable to break through the critical resistance area around the $600 psychological level, even if a higher high has formed and the positive effect is becoming stronger.
Binance Coin market cap
Following a series of reversals throughout the last five months, the price movement of BNB is now showing an ascending triangular pattern, with a ceiling of $600. In addition, after the inverted head-and-shoulders pattern's failure, a cup-and-handle pattern appears in the short-term price action.
But for $600, the neckline is the same for both designs. At now, the price of one BNB coin is trading above the 50% Fibonacci level and the 50-day exponential moving average (EMA), and a bullish candle is forming.
After 12 hours, the RSI line has broken above the halfway point, showing a rising trend. Also, the MACD and the signal line stay in a positive relationship.
A triangular formation breakout is seen on the 4-hour price chart, and daily momentum is increasing, all of which point to positive price action. The price of BNB increased by 2.34% after three straight bullish candles, with just a little 0.31% retracement in the following four hours.
4-hour chart of the BNB price
The 4-hour chart shows that the continued rise is clearly visible using the Fibonacci level. In the short-term trend, the price is battling to overcome the 61.80% Fibonacci level at $584. At the same time, $596.612 and $596.613 are the next two critical resistance levels on the 4-hour chart for the triangle breakout rally. keeping traders' focus on these crucial levels, which supports the BNB price forecast.
A Breakout Is On The Horizon, According to Analysts
The BNB-USDT weekly chart shows a bullish pattern that is prepared for a breakout rally, which coincides with the strengthening circumstances. A futures trader suggests a possible bull run is on the horizon, as pointed out by Satoshi Flipper in an X post. The flag pattern, as seen by Satoshi Flipper, is very similar to the bullish flag in action on the Bitcoin market.
So, according to the statement, "A rising tide lifts all boats," Satoshi Flipper believes that Binance Coin will have a positive rise after the channel breaks out.
Binance Smart Chain and Solana Positioned to Benefit from Ethereum's Decline
Even though the market is often unpredictable, the analyst sees a positive possibility in a recent X post by MartyParty. A increasing trend is seen in Bitcoin's dominance chart, which is sustaining 58% levels. Despite this, Ethereum's market share is declining while BNB and SOL's share is steady at 3-4%. As Vitalik and the Ethereum Foundation go on a selling binge, Ethereum is bleeding, but Binance and Solana seem to be holding their own.
As Ethereum continues to lose users and developers, the BSC and Solana Networks will grow to meet the need for cheaper and quicker alternatives. Both BNB currency and SOL have a good chance of taking a sizable chunk out of Ethereum's market if this trend keeps up. Decentralized apps and projects might migrate to Solana and BSC during the next bull run, allowing the Ethereum-killer Solana to live up to its moniker.
An expanding area for DeFi, gaming, and NFTs is on Binance's radar since the network has the potential to become a reliable ecosystem.
Can We Expect Binance Coin's Price to Reach a New Record High?
The 12-hour chart's Fibonacci levels indicate that the BNB price bull run after the $600 breakthrough may encounter several obstacles. The $600 neckline is followed by two important resistance levels at 78.60% and 100% Fibonacci levels, or $651 and $710, respectively.
If the breakout surge continues during 2024, the optimistic price goal for BNB coin might be the 1.618 Fibonacci level at $883, which, if the predictions are true, would be a new all-time high.