BNB price rises to new all-time high, rally to $1,000 near?

Binance Coin (BNB) has risen to a new all-time high of $775 and is gaining significant upward momentum. The cryptocurrency’s rapid price rise follows the breakout of a key technical pattern and the formation of a golden cross, both of which indicate further upside potential.

With increasing investor optimism and an increase in trading activity, analysts are now looking at a possible rally that could see the price of BNB rise towards $1,000 in the coming weeks.

BNB price rises to a new all-time high

The recent rise in BNB price to an all-time high is largely due to the breakout of an inverted head and shoulders pattern, a bullish reversal formation on the chart. This pattern, which usually marks the end of a downtrend, was confirmed when BNB broke the $680-$700 resistance zone.

This breakout suggests that the bearish trend that had depressed the price of BNB has now ended and the market is moving towards a bullish sentiment.

The breakout from the inverted head and shoulders pattern has resulted in a forecast price target of $780, with the next key resistance level at around $800. However, some analysts believe that BNB’s rally could go further.

Ali from @ali_charts, a crypto analyst, has predicted a possible rise in BNB to $1,630 if the weekly closing price remains above $662. This prediction has sparked interest among traders who are closely watching BNB’s price action to assess whether it can maintain current momentum and reach those higher targets.

Golden cross signals strengthening of the uptrend, recovery to $1,000?

On the BNB/USD chart, the 50-day SMA (Simple Moving Average) has crossed above the 200-day SMA, indicating further positive price momentum and the formation of a golden cross on the chart. This golden cross means that BNB is expected to continue rising in the short and long term.

The fact that the 50-day SMA is currently above the 200-day SMA supports the view that BNB is still in the early stages of a long-term uptrend. Golden crosses often precede large price increases and are an opportunity for many traders to enter long positions. As a result, the market has become more confident that BNB will continue to rise towards $1,000 in the near term.

If the bears take control, the $680-$700 area, which previously provided resistance, can now be expected to provide support. This level coincides with the neckline of the inverted head and shoulders pattern and therefore any pullback into this zone will most likely be perceived as a buying opportunity.

The first level of resistance for BNB is at $780. If this level is broken, the next major resistance will be around $800. Such a breakout above $800 could open the doors to further targets, including $1,630 predicted by Ali.

Increased trading activity supports bullish momentum

The BNB price increase is also supported by a sharp increase in derivatives data trading volume and open interest. Volume has increased by 125.30% to $4.42 billion, while open interest has increased by 33.78% and now totals $1.46 billion.

This increase in volume and open interest is a strong sign of more traders entering the market, indicating growing confidence in BNB’s future performance.

The increase in open interest signals that traders are entering long positions and expecting the price to rise further. This growing market exposure supports the view that BNB could see further upside, potentially driving the price towards Ali’s ambitious target of $1,630.

✓ Share:

Kelvin Munene Murithi

Kelvin is a respected author with expertise in crypto and finance and holds a bachelor’s degree in actuarial science. Known for his concise analysis and insightful content, he has a good command of English and excels at conducting in-depth research and providing timely cryptocurrency market updates.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.