Binance Coin (BNB) is in the spotlight as it is on track to reclaim one of its most fundamental price levels. At press time, the fifth-largest digital currency was changing hands for $590.05, up by 1.21% in the past 24 hours per CoinMarketCap data. The coin is on track to break out of its long-held consolidation with a short-term target of $600.
Binance Coin breakout in view
Many events have forced Binance Coin's rally in the past few days, including the potential listing of the asset on the Kraken exchange. BNB powers a highly robust ecosystem on Binance and the BNB Chain, making it a coin with organic utility.
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Per the current market outlook, the key performance metrics tell one story: a potential rally is ahead. The coin’s trading volume has jumped 4.49% in 24 hours to $1.44 billion. This metric is a sign that retail and institutional adoption are at their peak.
Binance Coin Daily. Source: TradingView/CoinMarketCap
The BNB/USDT chart shows that the coin’s Relative Strength Index (RSI) has jumped to 48, up from 30 earlier in the month. In addition, the MA Cross Indicator has a setup in which the short-term moving average is about to cross above the long-term, a classic case of a golden cross.
How high can BNB soar
Binance Coin is at an inflection point, and any possible breakout may breach the immediate resistance at $600. The fear of a bearish breakdown is already limited, as earlier reports teased that the BNB price has likely bottomed out, setting the stage for a rally ahead.
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In the long term, Binance Coin will look to reclaim the $640 price mark in its growing bid to retest its all-time high of $793.35. With new initiatives like decentralized voting, which has seen the listing of assets like ONDO and VIRTUAL, expectations for Binance Coin are high in the short term.
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