Amid the growing desperation of an altcoin season in the crypto market, Binance (BNB) coin price starts a new positive rally. Within a channel, the growing momentum aims to trigger a breakout run. Should you consider buying BNB before the altcoin season begins?
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
The total crypto market cap stands at $3.16 trillion over the past three weeks, witnessing massive fluctuations over this period. Bitcoin BTC $86 797 24h volatility: 3.0% Market cap: $1.72 T Vol. 24h: $18.72 B and altcoins are gradually diverging as BTC remains stuck near the $96,000 mark.
Altcoins are projecting a potential bounce back. The total crypto market cap excluding Bitcoin has increased by nearly 5% over the past week.
Among the top altcoins, the BNB coin BNB $621.4 24h volatility: 0.3% Market cap: $90.66 B Vol. 24h: $681.55 M is projecting massive upside potential. Will this underlying potential drive BNB coin prices to the $1,000 milestone? Let’s find out.
In the weekly chart, the BNB price action showcases a rising channel pattern. Over the last week, the altcoin price increased by nearly 10%.
The bullish recovery combined with the previous Doji candle completes a morning star pattern. This reversal pattern near the crucial support trend line hints at a potential upcycle.
Furthermore, the bullish engulfing candle undermined the 7.44% drop in late January. As the BNB coin price sustains dominance above the 50-week EMA line and prolongs the resonance within the channel pattern, the upside potential is gradually increasing.
The 7-day high of BNB coin price remains at $732, and it is currently trading at $672. This reveals a significant pullback during the week of nearly 8%.
Despite the increased volatility, the weekly RSI line maintains a sideways shift slightly above the halfway level. This suggests significant bullish momentum at lower levels.
As the upcycle in the altcoin price gains momentum, the bulls are likely to challenge the overhead trendline near $770. A bullish breakout of this crucial resistance will likely challenge the all-time high level at $793.
Optimistically, the bullish breakout could reach the $1,000 mark if a new alt-season begins in 2025. On the flip side, the crucial support for BNB coin price remains near $600.
As top crypto tokens wait for the next alt-season for a parabolic rise, Merlijn the trader highlights multiple key triggers. These triggers hint at a new alt-season coming into the crypto market in 2025.
Firstly, the 100-week moving average and 200-week moving average of the total crypto market cap, excluding Bitcoin, is on the verge of giving a bullish crossover. The previous golden crossover between these two moving averages happened right during the 2021 alt-season.
GOLDEN CROSS
A major buy signal is flashing for altcoins!
Just like in 2021… will 2025 bring another legendary altseason?
Stay ready. The next big wave could be here. pic.twitter.com/aHRs40rAqS
— Merlijn The Trader (@MerlijnTrader) February 16, 2025
At that point in time, the altcoin market stood near $200 billion. As per the current data, the nearly $1.2 trillion altcoin market could witness a similar peak if history repeats itself.
It’s happening again.
– Bitcoin cooling off.
– Ethereum gaining momentum.
– Altcoins loading up for liftoff.The perfect setup for an explosive altseason. pic.twitter.com/GKHh1TjI9X
— Merlijn The Trader (@MerlijnTrader) February 16, 2025
Furthermore, a separate tweet shows Bitcoin dominance is reaching a high supply zone, slightly above the 50% mark. Meanwhile, Ethereum is at its lowest against Bitcoin since the 2021 bull market.
As Bitcoin dominance hits a crucial supply zone and Ethereum-to-Bitcoin is near a crucial support zone, the setup hints at an explosive alt-season coming shortly.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
