BNB, the native crypto of the Binance exchange, maintains a strong position at the $600 level, indicating potential bullish momentum.
Whether BNB will reach a new all-time high soon depends on market sentiment and broader cryptocurrency trends. Positive technical indicators and a favorable market could propel BNB to new heights, but the cryptocurrency market is known for its volatility.
BNB Strong Recovery: A Look at This Month’s Surge
The BNB price has notably recovered this month, following a previous decline of approximately 20%. This month’s increase is around 13%, indicating a resurgence in bullish sentiment.
The Moving Average Convergence/Divergence Indicator (MACD) histogram has demonstrated a consistent upward trend over several months, accompanied by the bullish crossover of the MACD lines. Additionally, the Relative Strength Index (RSI) is approaching overbought levels, suggesting heightened buying pressure.
Currently, BNB faces resistance at the Golden Ratio level around $590. A successful bullish breakout could propel BNB towards the recent high near $645 and potentially even surpass its all-time high at approximately $692.
Read More: BNB: A Comprehensive Guide to What It Is and How It Works
Crucial support levels lie at the Fibonacci levels, around $477 and $370. If BNB remains above the golden ratio support at $370, the bullish momentum will likely persist in the medium term.
Analyzing BNB: Bearish MACD on the Weekly Chart Points to Risks
The MACD histogram has shown a downward trend in the weekly chart for several weeks. This suggests that the MACD lines may imminently cross in a bearish manner. Nonetheless, the RSI does not indicate either bullish or bearish signals.
Should BNB not surpass the golden ratio resistance near $590, it will find additional support at the 50-week EMA, approximately $380. Before this, substantial Fibonacci support was positioned at around $477.
BNB Price Analysis: Stuck in a Sideways Trend for 2 Months
The Binance Coin price forms an ascending triangle as it consistently reaches higher lows and repeatedly encounters resistance at the same price level. This pattern is generally considered bullish and may soon lead to a bullish breakout.
The 50-day EMA, situated at approximately $566, is also significant support. Over the past two months, the 50-day EMA has successfully acted as support on multiple occasions, as evidenced by the BNB price rebounding from this level.
Furthermore, the indicators present predominantly bullish signals. The EMAs continue to display a golden crossover, affirming a bullish trend in the short to medium term.
The RSI remains neutral, and the MACD lines are poised to cross bullishly, supported by the MACD histogram, which has shown bullish momentum since yesterday.
Bullish Indicators Emerge in 4H Analysis
A golden crossover in the 4-hour chart also corroborates the short-term bullish trend. Although the MACD lines have crossed bearishly, the MACD histogram is currently ticking upward bullishly.
Meanwhile, the RSI remains in neutral territory. Should BNB experience a short-term correction, significant Fibonacci support levels are expected at approximately $579 and $563.
BNB vs. BTC: Analyzing Three Months of Uptrend
The BNB price has been trending upwards against Bitcoin for the past three months, having already breached the 50-month EMA resistance at approximately 0.007984 BTC.
The next notable Fibonacci resistance levels are set at around 0.01077 BTC and around 0.00145 BTC. The overall indicators appear bullish.
Read More: BNB Price Prediction 2024/2025/2030
The histogram of the MACD is trending upward, suggesting that the MACD lines may soon intersect in a bullish configuration. The RSI remains neutral, providing neither bullish nor bearish signals.
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