BNB Price Eyes $600 After 6.26% Weekly Gain: Is $747 a New ATH on the Horizon?

With a bullish reversal, the Binance coin (BNB) price is heading for a critical breakout event. Will this lead to a new all-time high?

BNB price has increased by 2.17% in the past 24 hours, registering a 6.26% gain in the last seven days. This is a remarkable feat, as it comes at a time when the altcoin market witnessed a minor pullback.

Currently, the Binance coin is trading at $583, with a market cap of $85.213 billion. With a reversal rally gaining momentum, BNB is gradually approaching the $600 mark.

Will a bullish trend in the BNB price lead to a new all-time high in 2024? Let’s find out.

BNB Coin’s 4-hour Rounding Bottom

The 4-hour chart shows the BNB price action, revealing a support trendline fallout. This happened during the broader market correction due to the geopolitical tensions in East Asia.

BNB price chart

However, the Binance coin price quickly found support at the $537 level to start a recovery rally. The trend reversal in the BNB price forms a rounding bottom formation, with a neckline near the $610 supply zone or the previous swing high.

However, based on the trend-based Fibonacci levels, the BNB price is facing opposition near the 38.20% level at $587. However, the growing influence has led to a bullish crossover between the 50 and 100 EMA.

BNB price chart

Furthermore, the 4-hour RSI line maintains a sideways trend above the 50% half-line, reflecting an overall bullish sentiment.

Will Binance Price Hit $750?

As the recovery rally aims to approach the rounding bottom’s neckline, a potential bullish breakout will likely target the $639-$667 in the short term. On a larger scale, the 161.80% Fibonacci level at $747 is an optimistic target by the end of 2024.

Hence, the underlying potential shows the possibility of BNB forming a new all-time high in 2024. However, the broader market sentiment will play a crucial role in determining the price fluctuations towards the target.

Source