BNB Price Analysis: Will Buyers Break $658 to Target $863?

Published by

Sohrab Khawas

November 12, 2024

As the 5th biggest cryptocurrency in the market, BNB price is currently trading at $650, with a market cap of $93.69 billion. As it enters closer to the $100 billion market cap, the Binance coin has increased by 4.44% in 24 hours.

With a new breakout rally in action, will the BNB price reach a new all-time high in 2024? Let’s find out in our latest Binance Coin price prediction.

Binance Coin (BNB) Price Performance

In the daily chart, the BNB price action shows a bullish recovery rally from the 100-day SMA, gaining momentum. The decendent recovery run has surpassed the $600 psychological barrier, and faces opposition from the 78.60% level at $658.

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Currently, it is facing an intraday bull pack of 1.70%, following the 5.18% jump last night. Facing a short-term resistance from the 78.60% level, the uptrend rally could increase to $711 upon breakout.

Technical Indicators Support Breakout

The MACD indicator shows a positive trend with a surge of bullish histograms. Furthermore, the simple moving average lines in the daily chart reveal a golden crossover.

Amid the recent recovery run, the 100-day SMA witnesses an uptick, increasing the chances of a positive crossover with the 200-day SMA.

Will BNB Price Cross $700?

Beyond this, the Fibonacci-level spending price targets at 1.272 and 1.618 levels at $778 and $863, respectively. On the flip side, an intense pullback could retest the $600 psychological mark. This will provide a post-retest reversal and opportunity for price action traders.

To understand the possibility of the BNB token reaching the $1,000 mark, read Binance (BNB) Price Prediction!

FAQs

What is the current price of BNB?

Binance Coin is trading at $633 with a 5.95% intraday gain.

What are the immediate price targets for BNB?

Next targets are $650, $798, and $924, with a long-term potential of hitting $1,000.

What is the key support level for BNB?

A crucial support lies at $600, which could act as a post-retest entry point.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Price Analysis