BNB Price Analysis: Potential Breakout Towards All-Time High (AT
2024-11-11

BNB/USDT (Binance Coin/Tether) pair on the daily timeframe, suggesting a potential bullish breakout. The price action is moving within an ascending channel, highlighted by the converging trendlines that support a bullish bias. The green support zone around $548 serves as a significant demand area where price rebounds have occurred previously, reinforcing its strength.

Currently, BNB is trading near $618, just above the support zone, showing signs of consolidation. The green horizontal line at $721.80 indicates the projected target, implying an 18.57% potential increase from the current levels. The white projection path suggests a breakout from the consolidation phase, leading to a steady climb toward the target.

The chart also shows a bullish confirmation supported by the moving averages, which are trending upward in parallel with the price movement. This pattern suggests that buyers are accumulating positions, aiming for a push toward previous highs.

Traders should monitor volume levels and overall market sentiment for confirmation of this breakout. A strong push above the resistance zone, backed by volume, would validate the bullish momentum and increase the likelihood of reaching the target of $721.80.