BNB may hit a high of $645.90
In recent days, Binance Coin has been moving sideways after a failed breakout attempt. Meanwhile, investors continue to open long positions on the cryptocurrency, expecting the price of BNB to rise soon
Let's see how the technical picture of BNB looks like now and whether we should wait for the cryptocurrency to rally in the near term.
Binance Coin in consolidation phase
Between September 6 and September 12, BNB actively tried to overcome the long-term support level at $560. However, the breakthrough failed, so by the time of writing the cryptocurrency continues to move sideways.
Meanwhile, the Chaykin indicator (CMF) reports that investor money is still flowing into BNB. The chart below shows that a bullish divergence has formed on the CMF chart. This means that the buying pressure on the asset is growing, but this growth is not reflected on the price yet.
In addition, the positive ratio of long and short positions on BNB, which currently stands at 1.04, reflects the community's bullish bias towards the asset. Such values indicate that now more and more traders are opening long positions, expecting to benefit from the growth of the asset's price.
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BNB forecast: breakout above $598
If BNB has enough strength to go from a sideways trend to an uptrend, the cryptocurrency will have a chance to rise above $560. Then the next important mark will be the resistance at $598, which was formed back in July. Since then, the token has tested this level three times, but all three times - unsuccessfully.
If the breakout attempt succeeds this time, BNB will have a chance to rise to a three-month high of $645.90.
However, if it fails, BNB risks a pullback to the support level at $468.90. This would cancel the bullish outlook.
