Binance Coin Analysis: Can BNB Price Hit $800 After This Signal Just Flashed?

All eyes are peeled on BNB price after a key signal flashed on its chart. Binance coin price is among the top 20 highest gainers in the last 24 hours, showing its resilience in a market where meme coins have begun to dominate. The bullish signal that just flashed reveals the potential for Binance Coin (BNB) to surge to $800, a 35% increase from the current price.

Binance Coin price today has increased by 1.6% in the last 24 hours and is trading at $601. This is the first since Sept. 29 that it surpassed $600, which shows that buying pressure is building on the asset. As the crypto prices continue to recover, can BNB rise higher and hit $800?

BNB Price Analysis: $800 Is The Next Stop After This

Binance coin price action suggests a continuation of bullish momentum through an ascending triangle pattern with a rising trendline providing consistent support. This bullish pattern indicates accumulation and potential breakout above the horizontal resistance.

BNB price is trading at $601, just under the $605-$620 resistance zone, which has been tested multiple times without a clear break.  

Based on the height of the triangle, a potential breakout could lead to a 35.9% gain, targeting $800 or higher as the next major resistance level. This aligns with the measured move from the triangle breakout.

The relative strength index (RSI) is currently at 66.72, just below overbought territory. This suggests there is room for further upside, but traders should exercise caution as BNB approaches key resistance.

BNB Price Analysis Chart

The price of BNB has support at the ascending trendline near $580 if bears decide to push the price lower. However, a secondary support level can be found at around $550 if the price falls below $580. It will invalidate the current bullish thesis as there will be a weakness in the market.

Market Sentiment on Binance Coin Remains Bullish

The market sentiment around the BNB price remains positive, as data from Coinglass suggests that derivative traders are still bullish on BNB. 

The BNB liquidation map shows $22.30 million in longs vs. $21 million in shorts on the daily timeframe. While the difference looks small, it increases to $64.98 million longs vs. $34.04 million shorts on the weekly.

The imbalance suggests that bullish sentiment is dominating the BNB market because traders anticipate the Binance coin price rising higher in the future.

Furthermore, the Crypto Derivatives Visual Screener (CDVS), which tracks the changes in an asset’s price and open interest (OI) to determine which direction traders are going, shows they are entering Longs on BNB. 

This data suggests that buying pressure is likely to increase in the coming days, pushing the BNB price above the $620 resistance and propelling it to $800. If this happens, BNB’s market cap will rise to $116 billion, just $3 billion shy of Tether’s $119 billion. 

BNB Is Bullish

Binance Coin price is showing strong bullish potential, with derivative traders and market sentiment pointing toward continued upside. The recent price action and technical signals indicate a possible breakout, targeting $800 as the next key level. However, traders should remain cautious as BNB approaches significant resistance near $620. A successful breach of this zone could ignite a rally toward $800, elevating BNB’s market cap close to Tether’s. Failure to hold current support levels, however, could invalidate the bullish thesis, so monitoring price movements is crucial in the days ahead.

The post Binance Coin Analysis: Can BNB Price Hit $800 After This Signal Just Flashed? appeared first on CoinGape.