Binance Coin (BNB) recently surged to a new all-time high in price of over $750, and analysts are already projecting further highs above $800. The coin is up 10% in the last 24 hours and has surged over 30% in the past month. Amid growing bullish sentiment in the crypto market, Binance Coin now has a market cap of over $109M, with investors bullish on its future.
BNB has a 24-hour trading volume of $5.5 billion and has maintained a similar TV each day over the last several weeks. This increases the likelihood that this surge is here to stay for a while, much to the appeal of BNB investors. Market forecasts are growing more bullish for Binanceâs native cryptocurrency, with new/higher price predictions coming in. Will this recent rally push the price of BNB past the $900 barrier?
Binance Coin (BNB) to $900 and Beyond?
In the daily charts, BNBâs price action showcases a massive bullish engulfing candle formed yesterday. This accounts for a 13.50% surge from the opening price of $648 to the closing at $735.50. A similar surge in the next 24 hours would see BNB reach $800 for the first time, opening the path to $900.
Breaking above the previous peak of $724.70, the bullish trend in BNB is approaching the 1.272 Fibonacci level, which is priced at $812.10. As a result, a supply zone is expected to form between $800 and $812. This creates a new settled floor level for the token, opening the door for a new higher resistance level to breach. Based on its Fibonacci levels, a Binance Coin uptrend beyond $812 will aim for the 1.618 level at $923.30.
According to CoinCodex, BNB will breach the $800 mark by mid-December. The platform anticipates the asset to hit a high of $839.19 on Dec. 16. 2024. Hitting $839.19 from current price levels will entail a rally of about 11.14%.
