Binance Coin (BNB) Price Analysis: Triangle Breakout Rally Incoming?

With the broader market holding steady at key levels, Binance Coin (BNB) has reclaimed the $700 mark. Could this recovery signal the beginning of a triangle breakout rally?

BNB Price Analysis: Key Takeaways

Binance Coin (BNB) price has shown resilience, reclaiming the $700 mark after a brief downturn.

As Bitcoin recovers swiftly from key levels, altcoins like BNB are experiencing a recovery rally.

Technical indicators, including the morning star pattern and Fibonacci levels, suggest potential for a breakout rally.

BNB Price Chart Depicts a Triangle Pattern

BNB's price on the daily chart is trending within a triangle pattern, denoting a period of consolidation. The recent recovery marks a positive phase as BNB bounces off the support trendline, indicating growing confidence among traders.

Moreover, it completes a morning star pattern near the 61.80% Fibonacci level at $674. As the recovery rally gains momentum, BNB swiftly surpassed the 50- and 20-day EMA lines.

BNB Price set to Break out from Key Moving Averages

The breach of these moving averages highlights a robust bullish trend, which could propel BNB further up the price ladder.

The daily RSI line has crossed about halfway, reflecting a surge in bullish sentiments. Hence, the technical indicators are aligning to present a favorable scenario for BNB holders. This alignment suggests more upside potential in the coming days.

BNB Price Targets: Will it Surpass $800?

BNB has reclaimed the $700 psychological mark with two consecutive positive candles, highlighting its strength in the current market dynamics.

Considering that the broader market continues to improve, BNB will likely continue its uptrend.

The immediate price resistance for BNB stands at 78.60% Fibonacci level at $708. However, the altcoin must surpass the local resistance trendline for an extended bullish rally. Breaking this resistance could set the stage for explosive growth.

In this scenario, potential price targets for BNB include $750 and $804. On the downside, crucial support is at $674.95, and a drop below this level could dampen the bullish outlook.