BNB Price Prediction: Binance Coin on the verge of 28% liftoff beyond $700
- Binance Coin recovers gradually from the recent dip to $440.
- An ascending parallel channel points at a possible rally to record highs of $773.
- Support at $600 must hold to avoid potential correction.
Binance Coin, like most crypto assets in the market, aims at ushering in the weekend session with massive gains. The exchange-based token recently tumbled to $440 before renewing the bullish momentum.
At the time of writing, significant progress has been made, with BNB dancing at $605. The formation of a critical technical pattern on the four-hour chart suggests that this just the beginning of the potential rally to new all-time highs.
Binance Coin bulls focus on highs past $700
An ascending triangle pattern has been printed on the four-hour pattern, bringing to light the possibility of a significant upswing. The is a bullish continuation pattern that tends to form amid an uptrend.
A period of consolidation characterizes the market as the triangle matures. Usually, a breakout occurs before the trend lines converge. Triangles are known to have exact breakout targets, measured from the highest to the lowest points. Binance Coin will likely rise 28% from the current price level and hit a historical high at $773 if the triangle confirms the breakout.
BNB/USD four-hour chart
Similarly, the Moving Average Convergence Divergence (MACD) indicator affirms the uptrend as it moves higher within the positive region. Additionally, the MACD line (blue) appears to have settled above the signal line, thus reinforcing the uptrend further.
The SuperTrend indicator on the four-hour chart also has a bullish impulse. The call to long Binance Coin occurred in the middle of the recovery from $440. This indicator points to an asset's general trend and helps investors make both short-term and long-term strategies. As long as the SuperTrend remains green and beneath the price, the least resistance path would be upward.
BNB/USD four-hour chart
Looking at the other side of the fence
Bulls appear to be struggling with the triangle's hypotenuse resistance, which could delay the breakout. On the flip side, overhead pressure may begin to rise as the sellers' confidence becomes apparent.
If the short-term support at $600 bows to the bearish advances, Binance Coin may freefall, seeking support at $540, as highlighted by the 50 Simple Moving Average (SMA) and the 100 SMA. Other key support levels include $465, as shown by the 200 SMA, and $440.