BNB Price Skyrockets To New All Time High, Rally To $1000 Near?

Binance Coin (BNB) has surged to a new all-time high, hitting $775, as it gains significant bullish momentum. The cryptocurrency’s rapid price increase follows the breakout of a key technical pattern and the formation of a golden cross, both of which suggest further upside potential.

With increasing investor optimism and a surge in trading activity, analysts are now eyeing a potential rally that could see BNB’s price climb towards $1,000 in the coming weeks.

BNB Price Skyrockets To New ATH

The recent rally in BNB price to an all time high is largely attributed to the breakout of an inverse head and shoulders pattern, a bullish reversal chart formation. This pattern, which typically marks the end of a downtrend, was confirmed when BNB broke above the $680-$700 resistance zone.

This breakout indicates that the bearish trend that had held BNB’s price down has now ended, and the market is shifting toward a bullish sentiment.

The breakout from the inverse head and shoulders pattern has led to a projected price target of $780, with the next key resistance level seen around $800. However, some analysts believe that BNB’s rally could go even further.

Ali from @ali_charts, a crypto analyst, has projected a potential move for BNB to $1,630, should the weekly close remain above $662. This projection has sparked interest among traders, who are closely monitoring BNB price performance to assess if it can maintain the current momentum and reach these higher targets.

Golden Cross Signals Strengthening Uptrend, Rally To $1000?

Concurrently on the BNB’s price chart the 50-day simple moving average (SMA) has crosses above the 200-day SMA, which is a strong signal of a shift toward a bullish trend forming a golden cross. The golden cross suggests that BNB’s price is likely to continue rising, supported by both short-term and long-term upward momentum.

The current position of the 50-day SMA above the 200-day SMA further strengthens the argument that BNB is in the early stages of a sustained upward trend. Historically, golden crosses have preceded significant price increases, and many traders view this as a signal to enter long positions. As a result, there is growing optimism in the market that BNB will continue to rise towards the $1000 soon.

BNB/USD (Source: TradingView)

Should bears seize market control, the $680-$700 range, which previously served as resistance, is now expected to act as strong support. This level corresponds to the neckline of the inverse head and shoulders pattern, and any pullback toward this zone would likely be seen as an opportunity to buy.

The immediate resistance level for BNB is $780. If this level is breached, the next significant resistance is expected around the $800 mark. With a breakout above $800, the path to higher targets, including Ali’s projection of $1,630, could become more feasible.

Increased Trading Activity Supports Bullish Momentum

BNB’s price surge is also backed by a sharp increase in derivative data trading volume and open interest. Volume has risen by 125.30%, reaching $4.42 billion, while open interest has increased by 33.78%, now totaling $1.46 billion.

This uptick in volume and open interest is a strong indication that more traders are entering the market, suggesting growing confidence in BNB’s future performance.

Source: Coinglass

The rise in open interest signals that traders are taking long positions, expecting the price to continue rising. This growing market engagement further supports the view that BNB could experience further upward movement, potentially pushing the price toward Ali’s ambitious $1,630 target.

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