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Binance Coin Price Surges: Analysts Predict Rally Above $700

Binance Coin (BNB) shows bullish momentum, potential targets above $700. Credit: EconoTimes

Analysis of the Binance Coin Price Since the weekend before last, the cryptocurrency market has witnessed a substantial spike in positive momentum, with Bitcoin prices reaching beyond $62,000.

Analysts believe that this surge can be attributed to the fact that supply pressure has decreased due to the German government's sale of Bitcoin and that former President Donald Trump has survived an attempted suicide. As the rebound's momentum expanded to the altcoin market, the price analysis of the Binance currency displayed a phony breakdown of $500 to attract additional buyers.

An analysis of the price of Binance Coin, including opportunities for buyers and potential pitfalls for short sellers

On the daily chart, the price of Binance coins reveals a pattern of uncertainty characterized by sideways movement, Coingape reported. On June 4, the asset suffered a misleading breakout from the $645 resistance level, followed by a misleading breakdown on July 7. This is a crucial point to note.

Even though these price swings may confuse new traders, they are more in line with the forecasts made by the Elliott Wave Theory and provide a better understanding of the dynamics of the present market.

If the wave counts displayed in the chart above are valid, the examination of the price of Binance coin reveals the creation of a corrective phase, which is a four-wave formation.

In theory, this particular structure is referred to as a counter-trend move, and it is designed to allow purchasers to regain the drained bullish momentum before the dominant trend returns.

On June 4, market participants experienced an overthrow from the $645 resistance level, and on July 7th, they witnessed an underthrow from the $494 support level. Nevertheless, none of them could maintain and contain the aggressive trade occurring in the market.

According to the idea, the fake breakdown at the horizontal level of $500 imprisoned short sellers and allowed potential buyers to acquire at lower prices.

Research on the price of Binance coins reveals a quick reversal to $577, which represents a gain of 23%. One after the other, the total market capitalization reached $1.97 billion.

By the Fibonacci extension tool, the possible aim for the fifth impulse wave might be $775, and then $974.6 would be the next likely target.

Technical Indicator

  • EMAs: The BNB price's return above the 200D Exponential Moving Average slope restores the broader bullish outlook for this asset.
  • Vortex Indicator: A potential bullish crossover between the VI+(blue) and VI- (pink) slopes will accelerate the bullish momentum in price recovery.
  • Market Data
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