With the Bitcoin price approaching the $64,000 mark, broader market sentiment is recovering this week. Despite a bullish start, broader market sentiment remains neutral, with the fear and greed index standing at 45.
Amid the relatively bullish conditions, BNB price has gained 0.46% in the last 24 hours and is currently trading at $578.41. Meanwhile, the market capitalization of BNB coins stands at $84.40 billion, making it the fourth largest cryptocurrency in the market.
Binance Coin’s Ascending Triangle Holds Fate
The Binance coin price action is showing an upward trend in the 12-hour chart, reflecting a growth in bullish dominance. However, despite the higher high formation and growing bullish influence, the BNB coin price fails to overcome the crucial resistance near the $600 psychological mark.
With multiple reversals over the past five months, the BNB price action is now revealing an ascending triangle pattern, with the overhead ceiling at $600. Furthermore, the short-term price action reveals a cup-and-handle pattern formation after the failed inverse head-and-shoulders pattern.
However, the neckline of both the patterns remains the same at $600. Currently, the BNB coin price is trading above the 50% Fibonacci level and the 50-day EMA, with a bullish candle in the making.
The 12-hour RSI line shows a positive trend that surpasses the halfway line. Furthermore, the MACD and signal line maintain a positive alignment.
Triangle Breakout in 4H Chart Target $612
With bullishness added to the price action, the 4-hour price chart reveals a triangle pattern breakout, with daily momentum building. With three consecutive bullish candles, the BNB price rose by 2.34% before taking a minor pullback of 0.31% in the last four hours.
In the 4-hour chart, the Fibonacci level reveals the continued rally, struggling to surpass the 61.80% Fibonacci level at $584 in the short-term trend. Meanwhile, the triangle breakout rally finds the next two key resistances in the 4-hour chart at $596,612. strengthening the BNB price forecast as traders watch these key levels.
Analyst expects bull run ahead with flag breakout
Amid the improving conditions, the BNB-USDT weekly chart reveals a bullish pattern poised for a breakout rally. As highlighted by Satoshi Flipper in a X posta futures trader reveals a potential bull ahead. Satoshi Flipper highlights the flag pattern which looks very similar to the BTC price action with the bullish flag in action.
So, with the quote, “a rising tide lifts all boats,” Satoshi Flipper expects a bullish rally in Binance Coin with the channel breakout.
Ethereum’s decline sets the stage for Binance Smart Chain and Solana
Furthermore, in a recent X post by MartyPartythe analyst highlights a bullish opportunity in the volatile market. In Bitcoin’s dominance chart, an upward trend is seen, maintaining 58% levels. However, the Ethereum dominance is losing market share, with BNB and SOL remaining stable at 3-4% dominance. This relative balance suggests that Binance and Solana are holding their ground while Ethereum is booming with Vitalik and the Ethereum Foundation on a selling spree.
With Ethereum’s decline, the users and developers looking for alternatives with lower fees and faster transactions will expand the BSC and Solana Network. If this trend continues, BNB coin and SOL could take a significant share of Ethereum’s market. Therefore, the Ethereum killer Solana can live up to its name in the next bull run with decentralized applications and projects migrating to Solana and BSC.
From Binance’s perspective, the network can become a trusted ecosystem with a growing space for DeFi, gaming and NFTs.
Will Binance Coin Price Reach New High?
Based on the Fibonacci levels in the 12H chart, the bull run in the BNB price with the $600 breakout will face several resistances. The next two crucial resistances above the $600 neckline are at $651 and $710 at 78.60% and 100% Fibonacci levels, respectively.
As the optimistic price target, if the breakout rally continues for the rest of 2024, the 1.618 Fibonacci level at $883 looks like a potential new all-time high for the BNB coin if the speculations are correct.
On the other hand, the crucial support levels for the BNB coin price are $575 and $555.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
