BNB Price Eyes Key Breakout: Could a New All-Time High Be on the Horizon?
The Binance Coin (BNB) is showing signs of a bullish reversal, setting the stage for a potential breakout. But will this momentum carry the price to a new all-time high?
In the past 24 hours, BNB has risen by 2.17%, accumulating a 6.26% gain over the last week. This performance stands out, especially as the broader altcoin market experienced a slight pullback.
Currently, BNB is trading at $583, with a market capitalization of $85.213 billion. As the reversal rally picks up steam, the coin is inching closer to the significant $600 mark.
Could this bullish trend push BNB to new highs in 2024? Let’s take a closer look.
BNB’s 4-Hour Rounding Bottom Formation
On the 4-hour chart, BNB’s price action reveals a fallout from a support trendline, triggered by market-wide corrections during recent geopolitical tensions in East Asia.
Despite this, BNB found solid support at the $537 level, kicking off a recovery rally. This price reversal has led to the formation of a rounding bottom pattern, with a neckline near the $610 resistance zone—previously a swing high.
Currently, the BNB price is facing resistance at the 38.20% Fibonacci retracement level, near $587. However, growing buying pressure has caused a bullish crossover between the 50 and 100 EMAs, signaling potential upward momentum.
Additionally, the 4-hour RSI line is trending sideways but remains above the 50% mark, indicating a continued bullish outlook.
Can BNB Reach $750?
As the recovery rally targets the rounding bottom’s neckline, a breakout could push BNB towards the $639–$667 range in the short term. Looking further ahead, the 161.80% Fibonacci extension points to a potential target of $747 by the end of 2024.
With this strong technical setup, BNB has a chance to reach a new all-time high next year. However, broader market sentiment will be a key factor in determining whether the coin can hit these ambitious targets.