With the broader market holding at key levels, Binance Coin (BNB) has reclaimed the $700 mark. Could this recovery signal the beginning of the triangle breakout rally?
With Bitcoin rebounding above key levels, the altcoin market is also seeing a recovery. Among the best-performing tokens, Binance Coin shows the potential for a sudden rally.
In this latest rebound, BNB regained a market cap of $100 billion, marking an important turning point for the token. Will this rally push BNB to the top of $800? Let’s find out.
Binance coin price analysis
On the daily chart, BNB price is trending within a triangle pattern. The current recovery represents a positive phase as it is bouncing off the support trend line, reflecting growing confidence among traders.
Moreover, it is completing a morning star pattern near the 61.80% Fibonacci level at $674. As the recovery rally gained momentum, BNB crossed the 50- and 20-day EMA lines. Therefore, a breakout of these moving averages indicates a strong uptrend.
The daily RSI line is about halfway past, reflecting a rise in bullish sentiment. Therefore, technical indicators are giving a buy signal for BNB coins. This consensus indicates the potential for greater upside in the coming days.
BNB coin price targets
BNB reclaimed the $700 psychological mark with two consecutive positive candles. This achievement reinforces its strength in the current market dynamics. Given that the broader market continues to improve, BNB is likely to continue its upward trend.
The immediate price resistance for BNB stands at the 78.60% Fibonacci level at $708. However, the altcoin must break above the local resistance trend line to achieve an extended bullish rally. Breaking this resistance could pave the way for explosive growth.
In this scenario, potential target prices for BNB include $750 and $804. On the downside, crucial support is located at $674.95, and a drop below this level could dampen the bullish outlook.
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