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BNB climbed to a record $765, breaking resistance zones and confirming a bullish reversal. With a golden cross on the charts, traders and analysts are optimistic about a potential rally toward $1,000 and even $1,630 in the near term.
Inverse Head and Shoulders Pattern Validates Bullish Reversal
A bullish reversal chart formation known as an inverse head and shoulders pattern was the primary catalyst for the recent all-time high price of BNB. Once BNB surpassed the $680-$700 resistance zone, this pattern—which usually signifies the conclusion of a downtrend—was validated.
The market is turning bullish, and the bearish pattern that kept BNB's price down has ended, according to this breakout.
A price objective of $780 has been projected following the breakthrough from the inverse head and shoulders pattern, with the next significant resistance level seen around $800. But there are many who think BNB's surge has room to go.
Analysts Predict BNB Price Could Reach $1,630
If the weekly finish stays above $662, crypto expert Ali from @ali_charts has predicted that BNB may potentially go to $1,630. Traders are keeping a careful eye on BNB price performance in anticipation of this projection to see if it can sustain its present pace and achieve these higher targets.
The 50-day simple moving average (SMA) has surpassed the 200-day SMA on the BNB/USD chart, suggesting that the price momentum is continuing to rise and the creation of a golden cross. If BNB maintains its upward trend, both now and in the future, it will have completed a golden cross.
Golden Cross Drives Market Confidence in Long-Term Bullish Trend
The notion that BNB is still in the early phases of a long-term bullish trend is supported by the fact that the 50-day simple moving average is trading above the 200-day simple moving average. As a strategy for taking long positions, golden crosses have frequently been seen before significant price increases. The market's confidence in BNB's continued ascent towards $1,000 in the foreseeable future has grown as a result.
The $680–$700 zone, which acted as resistance earlier, is now likely to act as support, should bears regain control. Any decline towards this zone will likely be seen as a buying opportunity because it coincides with the neckline of the inverse head and shoulders pattern.
Trading Volume and Open Interest Support BNB Price Surge
The $780 mark marks the beginning of the BNB price resistance. The next significant level of resistance, at about $800, would be visible with a breach of this level. With a price break over $800, other objectives, such as Ali's $1,630 aim, become accessible, Coingape shares.
Both the volume and open interest in trading derivative data have surged, which is supporting BNB's price jump. With a 125.30% gain, volume is now $4.42 billion, and open interest is $1.46 billion, up 33.78%.
More traders are getting into the market, which bodes well for BNB's future performance, as shown by the increase in volume and open interest.
An increase in open interest indicates that more traders are buying the market's potential for further price increases. This increasing interest from investors lends credence to the idea that BNB's price could continue to rise, maybe reaching Ali's lofty $1,630 goal.
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