Binance Coin Rally: Can It Maintain Momentum As Buyers Pile In

• Binance coin formed a bullish pennant formation and eyes a breakout.
• Open interest for BNB hitting new ATHs, which could fuel a rally towards $820.

Binance coin (BNB) was building a strong bullish setup and marked a fresh All-time-high (ATH) of $793 this week. However, the profit booking at the highs led to slippages of over 12% in the last three sessions.

Amidst this, the BNB price sustained above the 20-day EMA mark and eyes for a rebound. Traders and investors are eager to see if BNB can maintain its momentum and push through the $800 resistance.

Binance coin’s chart structure showed a bullish pennant formation, which suggested a potential upsurge in the coming sessions.

When writing, the BNB price traded at $703.20, noting a decline of over 1.89%. Its market cap was $101.31 Billion, and the token ranked 6th among the top cryptocurrencies.

Is Binance Coin Primed for a Massive Rally? Here’s the Analyst’s Take

Crypto Analyst, The Moon Show, highlighted that the BNB price traded within a triangle and stayed above the horizontal support zone of $680. If the bullish momentum persists, the altcoin could reach the $820 mark in the coming sessions.

Moreover, Rose Premium Signals guides a strong bullish outlook on it. According to the analyst, the Binance coin formed an inverted head and shoulders pattern and was edging closer to a breakout.

With the strong bullish sentiment, the bounce from the 20-day EMA level could trigger an upside toward $850, $1000, and $1400 in the short term.

Per the Fibonacci retracement levels, the Binance coin price traded above the 61.8% zone and faced resistance around the 78.6% zone close to $800.

Binance Coin Strengthens Amid Rising Buyer Interest: What’s Next?

A recent tweet by CryptoQuant.com highlighted that the Binance coin trading volume and price reached an all-time high. It indicates increased confidence and bullish sentiment among the market participants.

Typically, the surge in trading volume, coupled with a weekly price rise of 7.93%, gave BNB a positive position at press time.

On the daily timeframe, the Binance coin formed a bullish cup and handle pattern, coupled with higher high swings. The short-term EMA was standing higher than the long-term ones, signaling an upward trend.

Technical indicators further support the bullish thesis. BNB’s Relative Strength Index (RSI) was at 57, indicating strong buying pressure, but there is still room for further upside.

Additionally, the MACD indicator plotted green histogram readings, further reinforcing BNB’s upward trend.

Furthermore, The On-Balance Volume (OBV) for the Binance coin grew over the period. The OBV shows a positive correlation between the price and volume, hinting at the sustained buying interest.

Considering these bullish signals, a bounce off from the $700 mark would permit the bulls to strike the recent ATH of $793 and may target $820 in the coming sessions.

The Open Interest (OI) dropped over 6.37% to $1.04 Billion, reflecting long unwinding movements over the past 24 hours. However, it recorded an ATH of $1.18B in yesterday’s session, affirming a growing interest in BNB futures contracts.

The immediate support zones were $685 and $670, whereas the prompt hurdles were $725 and $750.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.