Binance Coin (BNB) Flashes Bullish Signal: Could a Breakout to $800 Be Imminent?

Binance Coin (BNB) Flashes Bullish Signal: Could a Breakout to $800 Be Imminent?

All eyes are on Binance Coin (BNB) after a key bullish signal emerged on its chart. BNB has ranked among the top 20 gainers in the past 24 hours, demonstrating resilience in a market increasingly dominated by meme coins. The signal suggests that Binance Coin may be on the verge of a rally to $800, representing a potential 35% rise from its current level.

Today, BNB has gained 1.6% in value over the last 24 hours, now trading at $601. This marks the first time since September 29 that the asset has breached the $600 level, indicating growing buying pressure. With the broader crypto market recovering, could BNB push higher and reach $800?

BNB Price Analysis: $800 on the Horizon

BNB price action is signaling continued bullish momentum, supported by an ascending triangle pattern and a rising trendline. This pattern typically reflects accumulation and hints at a potential breakout above the horizontal resistance.

Currently, BNB is trading just below the $605–$620 resistance zone, a level it has tested multiple times without a definitive breakthrough. Should a breakout occur, the height of the triangle pattern indicates a potential 35.9% gain, setting a target of $800 or higher as the next major resistance level.

The Relative Strength Index (RSI) sits at 66.72, just below the overbought threshold, suggesting there’s room for further upward movement. However, traders should remain cautious as BNB nears this critical resistance.

In the event of a bearish push, BNB has strong support at the ascending trendline near $580, with secondary support around $550. A dip below these levels would weaken the current bullish outlook.

Market Sentiment for BNB Remains Positive

Market sentiment around Binance Coin is largely optimistic. Data from Coinglass shows that derivatives traders are still favoring long positions on BNB. On the daily timeframe, there’s $22.3 million in long positions compared to $21 million in shorts. On a weekly basis, the difference becomes more pronounced, with $64.98 million in longs versus $34.04 million in shorts, underscoring a strong bullish bias.

Moreover, the Crypto Derivatives Visual Screener (CDVS), which tracks changes in an asset’s price and open interest (OI), indicates that traders are increasingly entering long positions on BNB. This uptick in buying pressure could help BNB break through the $620 resistance and push toward $800. If successful, BNB’s market cap could rise to $116 billion, just shy of Tether’s $119 billion.

BNB’s Bullish Outlook

In summary, Binance Coin is exhibiting strong bullish potential, with both derivative traders and market sentiment leaning toward continued upside. The technical indicators suggest a possible breakout to $800, though traders should monitor BNB closely as it approaches significant resistance around $620. A decisive move above this level could trigger a rally, while failure to maintain key support levels could signal weakness in the current bullish setup.