- Binance price breaks above $823 and has been holding high above the channel, with higher highs and higher lows.
- Fibonacci levels point to $889 resistance, with $1,147 and $1,400 as bullish price extensions.
- MFI at 44.34 shows neutral momentum, suggesting potential for increased buyer activity ahead.
Binance price has surged in strength, leaving a long period of consolidation to rise steadily above important support at $823. Having a distinct ascending channel, increasing pattern and bullish Fibonacci price levels of $1,147 and $1,400, BNB is establishing a long-term trend up supported by neutral momentum and increased technical confidence.
Binance Price Action: Can Binance Coin Price Hold Its Uptrend?
The current price of Binance Coin price has been moving steadily above the crucial support at $823 since breaking out of a multi-month consolidation period. The breakout forms an upwards direction, and fresh highs and stable lows, which are still maintained.
Based on the Fibonacci extension levels, the first real barrier is at $889, and a successful break should serve as a booster to further bullish attacks. In case of clearance, the second target is at $1,147, and the long-term forecast is $1,400, which is a possible 62% increase compared to the present levels.
This momentum is evident in the daily chart. BNB has already created the trend of a strong upward movement, with steady higher highs and higher lows on a well-defined rising channel. The Fibonacci retracement of 0.236 at $790.7 and the horizontal support at $823.5 are important technical levels. The trend is structurally bullish as long as price is above these indicating that it is likely to continue moving up in the next few weeks.
Source: TradingView
Momentum indicators further support this outlook. Money Flow Index (MFI) is at 44.34, which indicates neutral market conditions. This means that the market is not overbought or oversold and it gives buyers an opportunity to re-enter and hike up the prices. The balanced inflows reinforce the current upward trend and minimise the chances of short term corrections in the short run in case the bullish volume keeps on accumulating.
However the traders will want to keep an eye on the support of the $823. Any confirmed break of this level or of the lower channel boundary would nullify this bullish structure and cause the price to fall again into the earlier accumulation area. So far, the technical arrangement is favorable, and BNB is likely to gain more, particularly when it clears above $889.
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