Binance (BNB) Coin Poised for a Major Rally as It Reclaims Critical Support Level

The token shows bearish trends in the short term but is holding on to important levels. This shows the potential for a very big rally within the short term.

Binance Coin (BNB) price shows bearish tendencies in the short term but is holding on to important levels, indicating the potential for a big rally.

Technical indicators are targeting a 50% gain for BNB to hit the $1,085.7 mark.

The recent recovery of Binance Coin above $650.6 has brought back bullish sentiment.

According to technical analysis, this level is a major pivot point of the token.

If the price manages to hold above this zone, analyst Javon Marks thinks the $1,085.7 target is now in play.

However, with no more bearish pressure on BNB and pressure for continued positive momentum, it may surge 57% from its current level.

This sentiment is reflected in chart patterns shared by traders. BNB has been on a breakout from a long-standing downtrend over the past few weeks.

The formation of higher lows has been coupled with this, thus starting a bullish structure.

$650.6 has been reclaimed, which bolsters the token’s technical strength, providing a basis for launching a longer-term rally.

This optimistic projection follows a wider trend, as the market tends to follow traits of past breakouts.

If BNB coin moves past the next major resistance levels, analysts say this could lead to a flood of buying interest, leading prices to $1,085.7.

Currently, BNB is up by 1.69% over 24 hours, trading at $696.83. Trading volume for the token has pulled back a bit, down 35.74% to $2.08 billion for the day.

The one-hour chart by Javon Marks is also bullish, showing a descending channel on the short-term price action.

Continuing selling pressure is evident with BNB coin, but the coin has found stability near its lower boundary. If the price finds support there, then it should suggest buyers will step in.

On the charts, the outlook is more promising. The support zone, which is also in line with the earlier breakout from this month’s descending trendline, has been reclaimed by the bulls to reclaim the support zone.

These signals indicate that although the token has short-term challenges, its medium to long-term path might remain positive.