Binance Coin Price Eyes Breakout Above $700

BNB is one of the best performing altcoins among the top 10 cryptocurrencies in 2021 and could trade as high as $1,000 within days

Binance Coin (BNB) has recorded an intraday high of $693 on the Binance US exchange, which is a new all-time high for the cryptocurrency.

Although prices retested the $660 support line, a quick rebound has seen bulls pick a nice uptrend over the last four hours.

As of writing, BNB/USD is trading near $675. Bulls are fighting to break above $700, a scenario that will likely get impetus from an overall positivity in the cryptocurrency market.

According to pseudonymous crypto analyst Rekt Capital, Ethereum’s breakout to a new all-time high above $4,000 might see more alts begin to rally in the short term. If this happens, BNB’s price could go on to attempt a run towards $1,000.

This $ETH breakout to new All Time Highs is going to serve as fuel for the next phase of Altcoin rallies#Ethereum #ETH

— Rekt Capital (@rektcapital) May 10, 2021

BNB price outlook

BNB is trading with a bullish outlook as the price moves up along an ascending trend line of a contracting symmetrical triangle on the 4-hour chart.

Despite the potential for a spell of selling pressure as bulls battle resistance around the 100% Fib level ($680), a swift rebound might see prices reach the 123.6% Fib level ($700.43).

The 20-day exponential moving average curve is pointing upwards. Meanwhile, the RSI is showing a positive divergence as it bounces above 60 and the MACD indicator remains bullish above the signal line.

If upward pressure pushes BNB higher, a fresh breakout could catapult the coin’s price towards $732 and $763. Above these targets lie the coveted $1,000, which bulls can achieve if bullish momentum holds over the next few weeks.

BNB/USD 4-hour chart. Source:TradingView

The price might turn lower though if traders decide to take profits in the next few days. In this case, it will be a revisit of the initial demand zone near the 20-day EMA ($654).

If prices break lower, we have the 50 SMA ($641), the 50% Fib level ($639), and an old resistance-turned-support line at $637 providing another demand zone. However, any further losses might see BNB/USD trade sideways at $600-$680 or decline further.

In this case, the price level to watch is $500, which is just above the highlighted support level at $485.