With Bitcoin surpassing skyrocketing overnight to surface above $71,000, the broader market takes a huge leap on the upside. Amidst the recovering market, the bull run in the BNB price trend reaches a new all-time high level.
Crossing above the $700 level for a new all-time high at $716, the centralized crypto token is making waves in the top crypto segment. Will the rising demand and the increased momentum in the market propel the BNB price to $1,000?
Check out our Binance price prediction and determine if it will surge higher in 2024.
With a 15% jump this week, the 1W chart of the BNB price trend showcases a bullish engulfing candle crossing above $700 momentarily. The overnight surge of 9.53% leads to a new all-time high level.
Currently, the Binance token trades at $699 with an intraday jump of 1.97% and higher price rejection after forming ATH at $716.
In the daily chart, the BNB price shows an ascending triangle breakout rally gaining momentum amidst the broader market recovery. Further, the long-term picture shows a bullish flag pattern, bringing positive results and prolonging the prevailing uptrend.
Currently, the BNB token trades at unchartered price levels, bringing in more demand and improving the underlying sentiments. As per the trend-based Fibonacci levels, the bullish trend approaches the 78.60% level, aiming for a breakout rally.
Technical indicators:
RSI Indicator: The weekly RSI line prevails in the overbought zone and gives an uptick, reflecting a surge in demand.
MACD: The bullish trend in the MACD and Signal lines continues with a narrow escape from a bearish crossover.
As the crypto market gains momentum with Bitcoin above $71,000, the bulls are planning to swing the BNB price higher above $700. This breakout rally can pump the altcoin price higher to the $859 mark.
Optimistically, the BNB price could reach the $1,000 mark if the bullish momentum is sustained.
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