- BNB has marked a key milestone this cycle by breaching the $600 resistance.
- However, it still appears undervalued – a condition bulls must seize to fuel further gains.
The past week has been a rollercoaster for Bitcoin [BTC] investors, with anticipation building as BTC inches closer to the long-awaited $100K milestone.
Yet, despite the growing excitement, the weekend fell short of delivering the breakthrough, leaving the market on edge.
Historically, whenever Bitcoin encounters resistance near psychologically significant targets, altcoins tend to reap the benefits.
Retail investors often shift capital to mitigate risks, a trend that Binance Coin [BNB] leveraged to hit its all-time high of $717 back in early June.
Since then, BNB has engaged in a persistent ‘tug-of-war’ to break through the $600 rejection, a level it finally conquered during the post-election cycle after five failed attempts.
Now trading at $660, with a bullish MACD crossover signaling upward momentum and BTC still shy of its milestone, can BNB post a new all-time high before this cycle concludes?
Broader market signals BNB may be undervalued
Interestingly, a retracement to $600 is still possible, as BNB has surged by over 10% in under four trading days, which might signal an upcoming correction.
If bulls fail to defend this level, panic could set in, prompting investors to exit to avoid further losses.
However, this scenario appears unlikely given the broader altcoin rally, with some posting triple-digit gains. Historically, BTC nearing a peak has often benefited BNB.
Additionally, its daily chart hinted at the coin being undervalued, suggesting potential for further upside.
If this trend persists, BNB could be on track to hit $700 first, which could act as a psychological catalyst for bulls to push the coin towards a new all-time high.
Source : CoinMarketCap
With a 5% weekly surge, BNB has lagged behind in this bull cycle, while its counterparts – such as Cardano [ADA] and Ripple [XRP] – have both reclaimed the $1 benchmark after years of consolidation.
Although BNB has posted a milestone by breaking the key $600 resistance, its undervaluation compared to its rivals might become its biggest strength.
As a result of the serious pumps, many coins have received since the kickstart of this cycle, there’s a high possibility that an imminent reversal could shake up most of these coins.
Investors, having secured massive gains, may look to exit and refocus on Bitcoin, which could create an opportunity for BNB to catch up.
So, is $700 just around the corner?
Looking at the daily price chart, BNB has been in a slump for over 4 months, struggling to break the $600 barrier. However, it has recently pulled itself out of this phase, with the RSI still in the neutral zone.
Thus, its current undervaluation sets a promising stage for bulls to initiate an accumulation phase, potentially driving BNB toward $670 next, aligning with several other bullish indicators.
Yet, a rally all the way to $700 might seem overly ambitious under the current market conditions, where the spotlight remains on other altcoins, signaling an underlying shift in investor interest.
Unlike its previous climb to an all-time high of over $715 – achieved with daily gains exceeding 9% amid Bitcoin consolidating below $70K – BNB’s recent daily gains have not even surpassed 2%.
This muted momentum must shift dramatically for a parabolic run to take shape.
While spot traders are eyeing the current price as a plausible bottom, a more decisive and aggressive effort by bulls will be essential to shatter the $700 barrier.
Therefore, the possibility of $670 remains tangible, supported by strong bullish indicators.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
However, achieving a new all-time high will require bulls to significantly ramp up buying pressure to push BNB beyond the critical $700 threshold.
Crossing this milestone could act as a psychological trigger, encouraging new buyers to enter the market and existing holders to maintain their positions, creating the momentum needed for a fresh ATH.
