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BNB Rally Gains Momentum: Is $800 the Next Target?
The crypto market has been witnessing a series of unexpected developments in recent times. The latest surprise comes from Binance Coin, as it breaks out above a falling wedge pattern and gains momentum. This significant move sparks optimism among traders, with many questioning whether we will see a push towards $800.
At press time, BNB has surged 1.24% to trade at $712.51. The impressive upswing marks a key resistance level of $722, which could propel the coin towards its next target of $800 if sustained. However, market conditions remain volatile, and traders must be cautious of potential weakness in case of any signs of futility.
The coin’s price action has been nothing short of remarkable, showing steady recovery after consolidation. This breakout from the falling wedge pattern signals a potential for further growth. If BNB can break above $722, many expect the next target to be $800.
Meanwhile, on-chain activity and derivatives data are painting a bullish picture for BNB. Active addresses have risen to 751,000, reflecting an increase in investor interest. Furthermore, open interest has increased by a significant margin, suggesting that there is substantial buying pressure.
With this sudden shift in momentum, it is essential for traders to remain vigilant and adjust their strategies accordingly. While the current upward trajectory may not necessarily guarantee a push towards $800, the prospects of such an event are undeniable. As always, we urge investors to conduct thorough research and consult with experts before making any investment decisions.
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Source: cryptonewsland.com
