- Binance Coin has seen a 5.19% gain over the last week and is approaching the $600 mark, facing a crucial resistance level.
- A breakthrough past the $600–$620 zone could trigger a strong rally with minimal resistance until $700.
Binance Coin (BNB) has been making significant gains recently, with a 1.3% increase in the past 24 hours and a 5.19% rise over the last seven days. As BNB approaches the $600 mark, traders are closely watching for a potential breakout that could propel the cryptocurrency to new heights.
However, BNB is currently experiencing a significant problem despite its rebound. The price has failed to trade above $600-$620, as it has been a key resistance level for the coin. According to a popular cryptocurrency analyst from AltCryptoGems, Sjuul, this level is now the key level to watch for BNB. In his analysis, he pointed out that a clean break out above this range could trigger a strong rally.
That resistance level at around $600 and $620 is proving to be super tough for $BNB.
It has been tested so many times that it must break sooner or later.
It’s a very important level because there isn’t much resistance above it until $700, and price discovery beyond it! pic.twitter.com/8PXddzATbn
— Sjuul | AltCryptoGems (@AltCryptoGems) October 9, 2024
The resistance zone has been tested several times, and each time, there has been a rejection, leading to a short-term pullback. However, Sjuul said that higher lows indicate that buying pressure is building up. This pattern suggests that buyers are slowly but steadily recovering, which means that the next attempt to break through $620 may be a turning point for BNB.
Price Discovery Beyond $620 Could Drive Gains
If Binance Coin manages to overcome the resistance at $620, the possibility of a further increase in the price will be higher. Sjuul pointed out that there is no historical barrier to overcome once this level is achieved to the $700. This allows BNB to discover prices and push the cryptocurrency into another rally.
Analysts are hopeful that a clear breakout could lead to double-digit percentage appreciation in a short period of time. The lack of strong resistance in the $620 to $700 range could lead to a quick jump in price as BNB nears the levels it was at earlier in the year.
However, there is still a possibility of another rejection at the $600-$620 levels as far as Binance Coin is concerned. Previous rejections have resulted in steep pullbacks, with BNB falling back to the middle level at $450. This level has been a good indicator of where buyers come in to buy and keep the price from falling further.
If BNB faces another rejection, supportive demand at the $450 level could mute the downside pressure. Each rejection has led to a rebound, showing that the coin still has a strong buying interest in the market.
Path to New All-Time High
If the bullish pressure persists and BNB is able to overcome the current resistance levels, the coin may well be on its way to retesting the previous all-time high of $721.80. The path to this level depends on the continuation of the buying pressure and the market condition.
If Binance Coin breaks past $620 again, the cryptocurrency will challenge $652.90, which was Binance Coin’s last bearish trend in June. A successful rally beyond that point will push BNB to its all-time high levels, which will be positive for those who have invested in the long term.
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