Binance Coin (BNB) shows signs of recovery after bearish momentum. Altcoin attempted to break through major resistance levels. This could, if successful, trigger a rally in the coming weeks.
Improving broader market conditions further supports the potential upward movement of BNB.
BNB may follow Bitcoin price pattern
BNB shares a strong correlation of 0.90 with Bitcoin, indicating that Altcoin often works in parallel with Crypto King. Given Bitcoin’s attempts to regain a $100,000 support level, this correlation worked courtesy of the BNB, increasing the chances of a sustained gathering.
If Bitcoin succeeds in exceeding $100,000, BNB can see an increase in purchasing pressure. Enhanced BTC prices have historically led to a positive spillover effect of correlated assets. This trend will help BNB solidify its recovery and could push towards higher resistance levels in the near future.
Moving average convergence divergence (MACD) indicators suggest that bearish momentum is declining. The MACD line is approaching a bullish crossover. This is a technical signal that could indicate a shift from bearish to bullish momentum.
If a crossover occurs, it will be marked for the first time in nearly a month when BNB transitions to a bullish trend. This development can attract fresh purchase interest, further supporting Altcoin’s upward trajectory and strengthening market confidence.
BNB Price Prediction: Aiming for recovery
BNB has surged 7% over the last 24 hours, breaking into the resistance zone between $586 and $619. Currently trading at $621, Altcoin is in the process of supporting a $619 resistance. Holding this level is important to maintaining a bullish outlook.
The BNB could rise to $647 due to favorable technology and market conditions. A successful violation at this level will result in Altcoin reaching $650, paving the way for strengthening recovery. Positive sentiment across the crypto market will further strengthen the BNB’s potential to maintain this upward trend.
However, if BNB fails to hold $619 in support, the setback could continue. Falling through this support zone could cause Altcoin to return to under $586. The continued decline to $550 invalidates bullish papers and indicates a potential return to bearish.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.