BNB, the cryptocurrency from Binance, has closed above the significant resistance level of $800 for the first time on a weekly basis, potentially indicating further growth.
Confirmed Resistance Break
BNB confirmed a weekly close above $800, marking a historical milestone. This level remained unbroken for over a year. The absence of rejections following the breakout suggests a growing interest and demand at this price point.
Current Wave Structure
From an Elliott wave perspective, BNB may have completed wave 2 and is now advancing into wave 3, usually the most explosive phase in a five-wave structure. The target for wave 3 ranges between $1,000 and $1,050.
Future Expectations
In the current conditions, if the $800 level holds as support, there is a potential for BNB to continue rising. The increase in trading volumes supports this direction. A slowdown is unlikely unless signs of exhaustion or divergence appear.
The state of BNB and the current market situation indicate a potential for further growth if the $800 level is maintained. This could lead to new historical highs in the near future.
