Binance (BNB) is on the verge of a breakout and experiencing a surge in its price with the overall market after several weeks of market volatility triggered by macro factors. Now the BNB is moving in a consolidation phase, which often leads to a bullish reversal. If a successful breakout occurs, it will lead to a maximum target around the $1,000 area.
At the time of writing, BNB is trading at $872.37 with a 24-hour trading volume of $2.01B and a market capitalization of 1.65%. The BNB price over the last 24 hours is up by 1.55%, and over the last week, it is up by 1.3% and showing high potential for the next major rally.
BNB battles with support as bulls target $1,000
Binance Coin (BNB) continues extraordinarily firm, ranging steadily at the support level of $840 despite sustained selling momentum. The currency has remained in a tight consolidation pattern whereby neither the bears nor the bulls ever assumed definitive leadership. This comes after a very strong upward burst at the beginning of the year, such that the market gives it a break to determine whether BNB has the vigor to sustain it or whether a bigger-scale correction overshadows it.
BNB is currently trapped between sustained buyer interest and repeated profit-taking, most concentrated close to the $880 resistance level. The price barrier has remained stubborn to break through, sellers remaining eager at every attempt by the token to move upwards. But the sellers continue getting sold out by the buyer. The repetitive tug-of-war exhibits growing strain in the market, with both sides waiting patiently for the catalyst to start the bigger move.
A clean and continued break above $880 should represent a bullish breakout and possibly pave the way to the long-awaited figure of $1,000. This round number not only constitutes a psychological barrier but also a vital technical barrier. A breakthrough would be likely to revive interest in BNB and the broader altcoin community. A clear volume surge and new bullish sentiment, possibly driven by macro market forces or positive Binance-related news, would call for such a break.
With BNB stuck in the middle of significant technical barriers, the upcoming definitive movement will most likely set the medium-term trend. Not breaking through to the upside may bring the token back to the region of $800 or lower, while a breakout may be the opening to a new rally.
