Can BNB Reach a New All-Time High? | Credit: Hameem Sarwar
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Key Takeaways
The BNB price is approaching the $605 resistance area.
It has traded in a horizontal range for the past six months.
Can BNB break out and reach a new all-time high?
The BNB price reached its all-time high of $721.8 in June but fell violently afterward, dropping 45% in less than two months. Nevertheless, a similar reaction to the upside has followed, and BNB is approaching the $605 resistance area.
Will BNB break out and reach a new all-time high, or will the breakout attempt be unsuccessful? Let’s analyze the price action and see what can happen.
BNB Approaches $600
The BNB price has increased since falling to a low of $486.5 on Aug. 5 (white icon). After a brief upward movement and retracement, BNB created a higher low in September, confirming that it has reclaimed the $495 horizontal support area.
BNB reached a high of $600 on Sept. 23, nearly reaching the $605 resistance area. Except for a deviation in June, the area has provided resistance for the past 190 days.
The daily RSI and MACD indicators both support the increase. The Relative Strength Index (RSI) is above 50, while the MACD is above 0, implying a bullish trend.
New BNB All-Time High?
The most likely wave count suggests that BNB has started the final portion of the increase toward its all-time high. As a result, it predicts a successful breakout from the $605 resistance area.
The wave count suggests that the Aug. 5 bottom marked the bottom of wave four, validating the resistance trend line of an ascending parallel channel and the 0.618 Fibonacci retracement resistance level.
So, if the count is accurate, the most likely target for the top of the upward movement is $921. The target is given by the 1.61 external Fibonacci retracement and by giving wave five the same length as wave three.
If reached, it would be an increase of 57%, which is measured from the current price.
Successful Breakout Ahead
The BNB token price action since August has been extremely bullish. The wave count and technical indicators also give a positive sentiment.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
