$BNB
If BNB continues its upward trend, it could extend the rally towards its all-time high of $793.86. A successful close above this level could extend gains towards its Fibonacci extension level of 141.40% at $956.92, drawn from the August low of $400 to the all-time high in December of $793.86.
The Relative Strength Index (RSI) on the weekly chart is at 66, surpassing its neutral level of 50, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator on a weekly chart showed a bullish crossover in mid-May. The increasing green histogram bars above their neutral zero line suggest that bullish momentum is gaining traction.
On the daily chart, BNB broke above the upper trendline of a descending wedge pattern and reached its target at $709.29 on Wednesday. It continued the upward trend, closing above the next weekly resistance at $742 on Sunday. At the time of writing, on Monday, it is trading at a price above $760.
If the weekly level at $742 holds as support, BNB could extend the rally towards its all-time high of December 4 at $793.86.
The RSI on the daily chart is at 83, indicating an extreme overbought condition, which traders should be cautious of. The MACD indicator on the daily chart showed a bullish crossover in early July that is still holding. The increasing green histogram bars above their neutral zero line suggest that bullish momentum is gaining traction.
However, if BNB faces a correction, it could extend the drop towards its weekly support at $709.29.
