Binance Coin Stays Close to Bullish Trendline, Projecting Potential Upside to $1000
Binance Coin (BNB) has been maintaining its position above the $845 mark, a development that suggests underlying demand from market participants and a bullish sentiment towards the cryptocurrency.
According to analysts, this level is crucial for the continued growth of Binance Coin. Defending $845 would confirm continued buyer control, and maintaining gains above this level is viewed as critical for further progress.
The bullish order block in the $840-$850 range further strengthens this bullish outlook. Historically, buyers have entered at these levels, and the current setup suggests that holding the $840-$850 area could provide a foundation for another upward push.
The long-term bullish trendline for Binance Coin, which has served as reliable support for the past three months, has been instrumental in the cryptocurrency's recent rally from the $600 level. Each retest of this trendline has preserved the uptrend for Binance Coin.
Analyst Crypto Tony has emphasized the significance of the $845 level on the weekly chart for Binance Coin. He believes that a hold above this level increases the probability of an advance toward $1,000.
However, a loss of the $845 level may trigger consolidation or a retest of lower zones for Binance Coin. Analysts expect traders to watch for either a breakout above recent highs or a decisive close below $850 to determine the next trend for Binance Coin.
If momentum builds, the next immediate target for Binance Coin is the $900 zone. Defending the current support could trigger another push toward $900, according to some analysts.
The recent breakout from lower levels demonstrates bullish momentum for Binance Coin. The key level to maintain this momentum, and to ensure a constructive longer-term outlook, is $845.
In conclusion, Binance Coin's ability to stay over $850, while sustaining volume, is a positive sign for the cryptocurrency. The bullish order block in the $840-$850 range, the historical entry points for buyers, and the long-term bullish trendline all point towards a potential growth for Binance Coin. However, the maintenance of the $845 level is crucial for this growth to continue.
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