The cryptocurrency market remained relatively stable during Tuesday’s market session following Bitcoin’s sideways action. While most major altcoins reflect the same momentum, the BNB price witnessed a massive inflow and surge to a new high of $750. The price jump provided a decisive breakout from a major reversal pattern, signaling the potential for a higher rally.
Currently, the Binance coin trades at $733.75 with an intraday gain of 13.17%. Consecutively, the asset’s market cap surged to $106 Billion, while the 24-hour trading volume stands at $4.03 Billion.
Key Highlights:
- BNB price jumps offer a major breakout from the inverted head and shoulder pattern.
- The $690 and 20-day Exponential moving average stands to immediately support the Binance coin after the new high.
- FIB extension tools highlight key resistance levels at $810 and $925.
Binance Tops 2024 Crypto Inflows at $21.6 Billion, Outpacing Competitors
According to data from DeFiLlama, Binance leads the centralized exchange market in cryptocurrency inflows for 2024 with a staggering $21.6 billion. The combined inflows of the next 10 top-ranked exchanges amount to $15.9 billion.
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Bybit secures the second position with an inflow of $7.47 billion, followed by OKX with $4.37 billion. This highlights Binance’s dominant market position, significantly outpacing its competitors in attracting cryptocurrency investments.
Thus, the crypto market bull run could better boost the Binance exchange and drive demand for its native cryptocurrency, BNB.
Fibonacci Levels Highlight Key Resistance as BNB Price Eyes $1,200
Since last month, the BNB price recorded a notable rally from $543 to a new high of $750, registering a growth of 38%. With today’s jump being a key contributor, the buyers gave a decisive breakout from a well-known reversal pattern called inverted head and shoulder.
The chart setup consists of three troughs, with the middle one (head)extending lower than two others (shoulders). A weekly candle closing above $690 will offer buyers suitable support to drive further rallies.
If the pattern holds true, the BNB price could chase a $1,200 target, accounting for a potential gain of 61%.
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Concerning the June-November sideways action, the Fibonacci extension tool highlights key resistance levels at $810 and $925, coinciding with FIB levels of 0.786 and 1, respectively.
