Date: Wed, Dec 04, 2024, 05:57 AM GMT
The cryptocurrency market continues to ride a wave of bullish momentum as major altcoins post impressive gains. Bitcoin’s dominance has dropped to 55.26% from its recent high of 61.53%, signaling a shift in attention toward altcoins.
While top altcoins Cardano (ADA), Ripple (XRP), and Tron (TRX) are making headlines with their rallies, Binance Coin (BNB) is coming in spotlight. Today, BNB surged by over 15%, achieving a new all-time high of $773 and securing a market capitalization of $109 billion.
Breaking the Resistance
On BNB’s weekly chart, the token was consolidating within a critical resistance zone around $700—a level that has persisted since the last bull run. Today’s breakout above this key level, as well as its previous all-time high of $721, propelled its price to $759, solidifying its upward trajectory.
Looking at historical data, a similar breakout pattern was observed at the start of the 2021 bull run. During that period, BNB’s price skyrocketed by over 258%, moving from $193 to $691. This repetition of bullish momentum hints that BNB might be entering a similar phase of growth.
If this trend continues, BNB could aim for the psychological milestone of $1,200—marking a 60% increase from its current levels. The breakout from long-standing resistance, coupled with renewed market interest, sets the stage for a potentially explosive rally as the broader altcoin market gains traction.
Is The Rally Started?
BNB’s breakout signals the potential for a significant upside rally ahead, reflecting growing investor confidence as altcoins begin to outperform Bitcoin in relative gains. With Bitcoin’s dominance declining from its recent highs, the shift in focus to altcoins is expected to fuel further rallies. With historical patterns aligning and bullish momentum gathering pace, Binance Coin could be on track to sustain its upward trajectory and reach new milestones in this ongoing bull cycle.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.