Binance (BNB) Reclaims $700: Can the Recovery Push Beyond $800?
Will the Binance (BNB) coin price surpass the $800 milestone for a new all-time high amid increasing volatility?With a 1.24% decline over the past 24 hours, the BNB coin price maintains a market cap of $102 billion. Currently, the Binance coin price remains above the $700 level and is the 6th largest cryptocurrency in the market.Amid Bitcoins price fluctuations near the $100,000 mark, the increased volatility is affecting the bullish trend of Binance Coin. Will this market volatility result in an extended correction for Binance Coin, or is a breakout rally on the horizon for a new all-time high?Binance Coin Price AnalysisFollowing the recent all-time high of $794.3, the BNB coin price experienced a minor pullback, resulting in a loss of trend momentum. BNB's price dropped from $794.3 to the recent 7-day low of $649.9.This represents a price drop of 18.18% amid the broader market recovery. However, with lower price rejections from the $650 psychological level, BNB has reclaimed the $700 mark.Currently, the Binance coin is trading at $709.5 with an intraday recovery of 0.48%. This nullifies the chances of an evening star pattern as the previous-day candle witnessed a higher price rejection from $724. Based on Fibonacci levels, BNB is showing a bearish crossover between the MACD and Signal lines. Additionally, the daily RSI line is moving sideways, slightly above the halfway mark, reflecting bullish dominance at lower levels.BNB Coin Price TargetsWith the post-retest reversal from the $650 psychological mark gaining momentum, bullish sentiment forecasts a new breakout rally.The BNB coin price previously failed to maintain dominance above $724. However, a breakout rally amid broader market recovery could lead to a new peak. Furthermore, the bulls could challenge the 1.272 Fibonacci level at $812.On the other hand, key support below the 78.60% Fibonacci level remains at the $600 psychological mark.
Text source: The Crypto Basic
