🔥Binance Breakout Target💥
As the bull market regains momentum over the weekend, Binance (BNB) is preparing for a triangle breakout that could lead to a potential new all-time high.
With Bitcoin recently setting a new all-time high of $106,533, the crypto market is seeing a significant surge in buying pressure. Amid this recovery, BNB is gearing up for a potential breakout rally.
Will this breakout rally in Binance (BNB) price result in a new all-time high above $800? Let’s find out.
🔥BNB Coin Price Analysis
The price action of the Binance coin currently exhibits a symmetrical triangle pattern. This pattern suggests market indecision but also signals the possibility of an upcoming breakout. The positive cycle within the triangle has tested the resistance trendline.
🔥Binance Price Chart
The BNB coin price is struggling to overcome the overhead supply, maintaining a declining trend near the resistance level. Amid the formation of a morning star pattern, BNB continues to hold above the psychological $700 mark.
Despite this, the BNB price remains resilient, staying above the center pivot level of $703.8. Supporting the bullish outlook, the 4-hour RSI line shows a bullish diagonal trend and is preparing for a double-bottom reversal from the halfway line.
🔥Binance (BNB) Coin Price Targets
If a bullish breakout occurs, BNB’s price could soar above the current all-time high of $794.3. According to the pivot levels on the 4-hour chart, the immediate target for a new all-time high is the R3 resistance level at $850, indicating a potential upside of nearly 20% for BNB.
However, if the breakout fails, traders should be prepared for a retest of key support levels. Specifically, a failure to maintain dominance above the $800 mark could trigger a retest of the critical support trendline of the triangle pattern. This bearish scenario has a downside risk of 5.7%, potentially testing the $672.6 level.
