BNB Price Targets $600 After 15% September Rally

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.

Read More: Binance Coin Price Prediction 2024: BNB Price Analysis

So, a breakout from it can accelerate the upward movement and lead to a new all-time high.

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.

Therefore, if BNB closes above the $605 area, it will clear the final obstacle to a new all-time high.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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