BNB Primed For a Rally to $650 As Bearish Momentum Fades
After a while, the Binance Coin (BNB) showed signs of recovery. Altcoin is trying to break through key resistance levels, which, if successful, could trigger a rally in the coming weeks.
Improved broader market conditions further support the potential upward movement of BNB.
BNB may follow Bitcoin price model
BNB has a strong correlation of 0.90 with Bitcoin, indicating that Altcoin is usually moved at the same time as the cryptocurrency king. Given Bitcoin’s attempt to recoup the $100,000 support level, this correlation may be beneficial to BNB, thus increasing the chances of continuous gatherings.
If Bitcoin manages to hold more than $100,000, and BNB may see increased buying pressure. Historically, enhanced BTC prices have resulted in spillover effects on related assets. This trend may Help BNB cure It recovers in the near future and pushes towards higher resistance levels to higher resistance levels.
Moving average convergence difference (MACD) indicator indicates that bearish momentum is fading. The MACD line is approaching a bullish crossover, which may indicate a dynamic shift from bearish to bullish.
If a cross occurs, it will mark the first time in nearly a month BNB Transition There is a bullish trend. This development may attract new buying interest, further supporting Altcoin’s upward trajectory and strengthening market confidence.
BNB price forecast: target recovery
In the past 24 hours, BNB has soared 7%, successfully passing the resistance zone between $586 and $619. Currently, AltCoin is currently trading for $621 and is converting $619 resistance into support. Maintaining this level is crucial to maintaining a bullish outlook.
In favorable technical and market conditions, French Kuomintang may rise $647 for sale. Successfully violating this level will be a road for Altcoin to reach $650, thus consolidating its recovery. Positive sentiment across the cryptocurrency market will further enhance the opportunity for BNB to maintain this uptrend.
But, if BNB can’t do it Holding $619 as support may answer. Falling through this support zone could put Altcoin below $586. Continuous decline to $550 will invalidate the bullish paper, indicating a potential return on bearish conditions.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
