The BNB price has recently shown an upward trend, showing double-digit increases, but it cannot fully satisfy investors. While other altcoins generally follow Bitcoin's path, BNB is trying to chart its own path. However, BNB's bullish efforts remain limited due to the negative correlation with Bitcoin.
BNB price recently dropped below the $575 support line but it is struggling to rise again. The negative correlation with Bitcoin indicates that BNB's price movements are inversely proportional to Bitcoin's performance. This correlation, currently -0.21, indicates that the price of BNB is dependent on Bitcoin and if Bitcoin rises, BNB may tend to fall.
Last week, BNB's MACD indicator switched from a downtrend to an uptrend. This change can be considered a potential bullish signal for BNB. However, the negative correlation with Bitcoin may limit the continuity of this rise. It is important for traders to closely monitor the MACD indicator.
BNB's price aims to regain the support of the uptrend line. A turn of $600 into support could help the crypto asset surpass the $618 resistance. However, the fact that this resistance has only been overcome once increases the likelihood of BNB failing again.
If the altcoin fails to support the uptrend line and changes direction, there could be a decline towards the $550 levels. In this case, the downtrend may be prolonged and previous bullish clues may become invalid.
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I EXPLAIN IN DETAIL.
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