The Binance Coin (BNB) price approaches a significant $600 level, which remains a crucial resistance point in the daily chart.
Binance Coin's Current Performances
The daily chart analysis reveals a rising support trend line keeping the price growth in check. The crucial resistance near the $600 psychological mark prompts higher high formations. Since June, this resistance has kept the BNB price in check, leading to several bearish reversals. The BNB price found support at $464, resulting in a sideways trend. However, the rising underlying bullishness leads to a forming ascending triangle.
Technical Indicators Support
Market conditions set BNB for a potential breakout beyond the $600 mark. The alignment of 50-day and 200-day moving averages remains positive, providing dynamic support. Additionally, the MACD and signal lines have recently crossed bullishly with a surge in positive histograms, increasing the breakout potential.
Will Binance Surpass $600?
Based on Fibonacci levels, the uptrend has surpassed the 50% level at $587, but the critical level remains $600. An ascending triangle breakout might challenge the 78.60% or 100% levels at $658 or $711 by month's end. Long-term, the 1.618 Fibonacci level at $863 could be a potential aim if the market continues its bullish trend.
Current analysis shows Binance Coin's price may soon exceed the $600 mark, opening the path for further growth under favorable market conditions.