Altcoins Surge as BNB Prepares for a Bullish Breakout
Despite Bitcoin’s stagnant movement above the $50,000 mark, altcoins are showing a quick recovery. Binance Coin (BNB) has experienced a rapid surge with high momentum following a successful retest reversal, propelling Binance into the list of top-performing cryptocurrencies.
With a current market cap of $56 billion, Binance is regaining its allure, even at a 45% discount from its all-time high of $690.93. The ongoing reversal is significantly improving the chances of achieving a new all-time high.
Explore our Binance price prediction to understand the potential trajectory of BNB and whether it will cross the $700 mark in 2024.
Binance Aims for $400 Breakout
Amidst rising momentum and a successful retest of the $350 breakout, BNB exhibits a sharp V-shaped reversal. The Binance price chart also demonstrates a rounding bottom reversal with the neckline positioned at $350.
The successful retest signifies a notable breakout, supported by a rise in trading volume, indicating the continuation of the uptrend. Following an overnight 7% jump, the bullish engulfing candle suggests a high likelihood of a $400 breakout.
As of now, the BNB price stands at $379.8, with an intraday Doji candle forming, indicating a brief pause before the trend resumes. The establishment of a new 52-week high reflects extremely bullish sentiments for Binance in the cryptocurrency industry.
DMI Indicator Analysis
The DMI (Directional Movement Index) Indicator reveals a bullish stride, with a sharp increase in the ADX (Average Directional Index) line, indicating a significant spike in trend momentum.
Will BNB Price Surpass $700?
Having experienced a 30% jump in the last 30 days, the BNB price indicates a prevailing bullish trend poised for a sustained run. The $350 retest positions itself to challenge the $400 barrier, increasing the likelihood of a bull run towards the $700 mark for a new all-time high for Binance.
On a shorter timeframe, $440 emerges as the initial resistance level above $400.
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