BNB Price Prediction As Binance Coin Hits New ATH

BNB price has surged significantly over the past month, reaching a new all-time high (ATH). This remarkable rally coincides with the broader cryptocurrency market’s bullish momentum, driven by Bitcoin’s climb above $100,000. Despite a slight market correction, Binance Coin is resilient and positioned above key support structures to achieve new highs if bullish sentiment persists. 

BNB Price Prediction: What’s Next for Binance Coin?

Binance Coin (BNB) price has recently broken its previous all-time high of $793, showcasing remarkable resilience and strong investor confidence. On December 4, 2024, BNB reached a historic peak before experiencing a slight correction, currently down by 13%. However, the token’s ability to turn its prior resistance level into solid support underscores significant demand in the market.

This bullish development suggests BNB may be gearing up for its next upward movement. Historically, such breakouts followed by support retests often trigger fresh buying momentum. Investors may anticipate a potential price bounce, setting the stage for another rally to higher price levels.

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BNB Technical Analysis

The price of BNB is currently trading between two crucial levels. The first level is the 2021 all-time high (ATH) of $691, and the second is the recent ATH of $793. These levels serve as significant support zones for the coin’s price movement. At the time of writing, the Binance price is trading at $684, with a dip of 6% in the last 24 hours.

If the price bounces off these support levels, it often triggers a rally. The rally could aim for three key targets based on Fibonacci extension levels. The first target is the Fibonacci 161.8% level at $737, which has already been reached and tested. 

The second target is the Fibonacci 261.8% level at $886, marking the previous ATH. The third and final target is the Fibonacci 361.8% level at $1,036, which represents the next potential upside milestone. If the ongoing bullish run continues, a surge in the crypto market may fuel the surge in the token.

The MACD indicator is showing bullish momentum. The histogram displays increasing green bars, signaling growing buying pressure. The RSI is currently positioned above 56, suggesting that the coin is in bullish territory but not yet overbought.

BNB price chart By TradingView

On the downside, a break below the $645 support level could invalidate the bullish outlook. Such a breakdown could result in a sharp correction, possibly driving the price by lowering by 22% to $495. This move would represent a significant decline and a bearish shift in market sentiment.

Binance Coin’s recent ATH highlights strong market confidence. BNB’s trajectory depends on maintaining key support levels and bullish momentum, with potential upside targets to hit ATHs.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.