Binance Coin (BNB) is positioning itself to break past a critical resistance level at $600, raising expectations of a potential surge to new all-time highs (ATH) above $724 before the end of the year.
Binance Coin (BNB) is facing a critical resistance level at $600, but strong market activity suggests an imminent breakout. A move past this level could lead to a potential surge to new all-time highs (ATH) above $724 before the end of the year.
After recently dipping to a 7-day low of $543, Binance Coin has shown signs of recovery. Although BNB briefly dropped below the $550 level and the 100-day simple moving average (SMA), the broader market rebound has been a significant catalyst for its upward movement. From the low, BNB has surged 9.4%, currently trading around $594. In the last 24 hours, the token briefly touched a high of $611, as buyers attempt to push past the long-standing $600 resistance.
Historically, the $600 level has proven to be a tough barrier for BNB, often acting as a point where previous bullish trends have faltered. Additionally, this price point aligns with the 61.80% Fibonacci retracement level, which suggests that a sustained move above this zone could signal the beginning of a new uptrend.
Despite the intraday rejections and resistance at the $600 level, the overall market conditions remain supportive of further gains. The recent recovery in the broader market, particularly with Bitcoin showing bullish strength, could provide the necessary momentum for Binance Coin to break above its $600 resistance.
Key technical indicators are also aligning in favor of a bullish scenario. The Moving Average Convergence Divergence (MACD) is on the verge of a positive crossover, signaling that the bulls may gain the upper hand in the coming days. Meanwhile, BNB’s 50-day, 100-day, and 200-day SMAs remain aligned in a neutral trend following the “golden crossover,” which often precedes further upward movement.
For traders watching BNB’s price action, the key will be a strong close above the $600 level. A decisive move past this resistance would signal the continuation of the bullish trend, while any failure to break higher could result in a temporary pullback. As such, market participants are advised to wait for confirmation of a solid close above $600 before entering bullish positions.
If Binance Coin successfully breaks through the $600 resistance and continues its uptrend, the next target could be the 78.60% Fibonacci retracement level at $655. From there, BNB would likely target its all-time high at $724, marking a new peak for the coin. A push above this level would represent a major achievement for Binance Coin, as it would confirm a new price discovery phase for the token.
On the flip side, if the bullish momentum fails to materialize and BNB encounters strong resistance, critical support levels would come into play. The first line of defense is at $564, followed by a more significant support zone at $526. If these levels are broken, a deeper correction could follow.
