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Sohrab Khawas
Sohrab Khawas
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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.
- Nov 09, 2024 07:41 UTC
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BNB Price Soars Past $600 as Bulls Target $1,000!
Crossing above the $600 mark, Binance’s (BNB) coin price surpasses a multi-month resistance zone. As the breakout rally creates a solid bullish candle, the bull run increases the chances of a new all-time high.
Will this breakout rally result in a price jump to the $1000 psychological mark? Let’s find out in Coinpedia’s latest BNB price analysis.
Binance Coin (BNB) Performance
With a strong breakout of the $600 psychological mark, the BNB token price is currently trading at $633. With an intraday gain of 5.95%, the ongoing recovery in Binance Coin accounts for 16.54% in the last week.
The breakout rally is currently heading towards the 78.60% Fibonacci level to challenge the $650 psychological mark.
Technical Indicators Support Breakout
The growing bullish influence has led to a golden crossover between the 50-day and 200-day EMA, gaining momentum. As the uptrend continues, the 100-day and 200-day SMA will likely give a positive crossover.
Speaking of positive crossovers, the MACD and signal lines have regained a positive alignment with a surge of bullish histograms. Hence, the significant increase in buying pressure has turned the technical indicators positive.
- Also Read :
- Polygon (POL) Price Targets $0.50 with Channel Breakout
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Will Binance Coin Hit $1000?
If the uptrend continues above the 78.60% Fibonacci level, the Binance Coin is likely to create a new all-time high above the $724 mark. Based on the retracement tool, the upcoming price targets for Solana are at $798 and $924 at 1.272 and 1.618 Fibonacci levels.
Amid the increasing bull run chances as the broader market recovers, the Binance Coin is likely to hit the $1000 psychological mark in the upcoming months. On the flip side, a minor retest of the $600 breakout is possible. This will bring a post-retest entry opportunity for price action traders. Meanwhile, the breakout opportunity also awaits at $650.
To understand the possibility of the BNB token reaching the $1,000 mark, read Binance (BNB) Price Prediction!
FAQs
Binance Coin is trading at $633 with a 5.95% intraday gain.
Next targets are $650, $798, and $924, with a long-term potential of hitting $1,000.
A crucial support lies at $600, which could act as a post-retest entry point.
Yes 
No 
