BNB price surge to a new all-time high is indeed an important development in the cryptocurrency market. According to your description, the breakthrough of BNB's major upward support technical aspects, especially the breakthrough of the head and shoulders pattern and the formation of the golden cross, all indicate that the market may usher in greater upward momentum. Investor optimism and the surge in trading volume also provide momentum for BNB's further rise.
The head and shoulders pattern is a classic technical analysis pattern that usually attracts the meat of the market trend. The validity of this pattern was confirmed after BNB broke through the $680-700 resistance zone, leading to a sharp rise in prices. Next, the market's focus may be on whether the upward momentum can be maintained and whether the price has the potential to break through the $1,000 mark further.
In this case, investors may need to pay attention to factors such as the overall market environment, the development of the ecosystem to which BNB belongs, and policy risks in the crypto and currency markets to determine future trends.
The breakout suggests that the bearish trend that had been holding back BNB’s price is now over and the market is shifting towards bullish sentiment.
After breaking out of the inverted head and shoulders pattern, the expected target price is $780, with the next key resistance level around $800. However, some analysts believe that BNB’s rally may have further to go.
Cryptocurrency analyst Ali of @ali_charts predicts that BNB could rise to $1,630 if the weekly close remains above $662. This prediction has piqued the interest of traders, who are closely watching BNB’s price performance to assess whether it can maintain its current momentum and reach these higher targets.
Golden Cross Signals Strengthening Uptrend, Rise to $1,000?
On the BNB/USD chart, the 50-day Simple Moving Average (SMA) has crossed above the 200-day SMA, indicating further positive price momentum and forming a golden cross on the chart. This golden cross means that BNB is expected to continue to rise in the short and long term.
The fact that the 50-day moving average is currently trading above the 200-day moving average supports the view that BNB is still in the early stages of a long-term bullish trend. Golden crosses usually precede a significant price increase and are a way for many traders to establish long positions. Therefore, the market is becoming more confident that BNB will continue to rise to $1,000 in the near future.
If bears start to dominate the market, the $680-700 range could turn into support, especially since this range coincides with the neckline of the inverted head and shoulders pattern. In this case, any pullback to this area could attract buyers, providing support for the price and pushing it up again.
For BNB's resistance level, the breakthrough of $780 is an important technical point in the short term. If BNB successfully breaks through this level, the price may continue to move towards $800, and breaking through $800 may open up more room for growth. According to Ali's prediction, if the resistance of $800 is broken, BNB may expand to higher targets, and even have the potential to reach $1,630.
The bullish outlook shows that BNB's technicals remain strong, but it is also necessary to pay attention to market sentiment and potential risk factors, especially the response of short sellers and market adjustments. Investors can pay close attention to key support and resistance levels.
Increased trading activity supports bullish momentum
The BNB price surge was also helped by a significant increase in derivatives data trading volume and open interest. Trading volume increased by 125.30% to $4.42 billion, while open interest increased by 33.78% and now totals $1.46 billion.
The rise in volume and open interest strongly suggests that more traders are entering the market, indicating growing confidence in BNB’s future performance.
The increase in open interest indicates that traders are going long, expecting prices to continue to rise. The increased market participation further supports the view that BNB could rise further, potentially pushing prices towards Ali’s ambitious $1,630 target.
