BNB is attempting to break through the resistance level of $741, an important barrier to reach the all-time high (ATH) of $793.
Although this altcoin has made continuous efforts, signals from the broader market are limiting the price increase, causing BNB to be trapped in a narrow range.
BNB investors remain optimistic
The Relative Strength Index (RSI) has fluctuated near the neutral line over the past month, indicating market hesitation. Although BNB has seen some notable price increases, this momentum has not been strong enough to push the price significantly higher. This stagnation reflects weak sentiment, influenced by overall market conditions.
The lack of strong bullish momentum leaves traders uncertain about BNB's short-term direction. The RSI at a neutral level indicates that buying pressure is not strong enough, even as BNB trades near important support levels. Without significant optimism from the market, BNB may continue to struggle to move higher.
The Relative Strength Index (RSI) of BNB | Source: TradingView
The Chaikin Money Flow (CMF) indicator is recording an upward trend, indicating that capital inflow into BNB is increasing. This reflects investors' optimism about the asset's breakout potential, while also showing confidence as money continues to flow into this cryptocurrency. Strong capital inflow could become the catalyst that drives the price higher.
Investor sentiment remains positive, with many market participants gearing up for a potential price surge. This confidence is evident through steady capital inflow, even as BNB struggles to surpass the $741 level. However, the impact from the broader market and conflicting signals may slow the expected breakout, keeping BNB in an accumulation state.
The Chaikin Money Flow (CMF) of BNB | Source: TradingView
BNB Price Prediction: Breakout Potential
BNB is currently trading at $700, about 14% away from the ATH. To reach this milestone, the altcoin needs to break through the resistance level of $741, which has been a significant obstacle over the past month. If successful, this could trigger strong bullish momentum and bring BNB closer to the ATH.
However, with conflicting technical signals and unclear overall market sentiment, BNB may continue to be stuck below the $741 level. This altcoin has the potential to accumulate above the $686 support level until clearer market signals emerge. This accumulation phase may last if market conditions remain stagnant.
Daily BNB/USDT chart | Source: TradingView
If BNB loses the important support level of $686, it risks dropping to $647, similar to what has happened before. Any further decline would invalidate the bullish thesis, pushing the altcoin down to $619 and causing investors to worry about subsequent losses.
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