BNB prices achieved double-digit gains, but this was not enough to satisfy investors’ desire to make profits. While altcoins have chosen to follow Bitcoin’s path and bring benefits to token holders, BNB remains opposed to this. Here we look at BNB, one of the popular altcoin projects in the cryptocurrency market.
Subtitle What happened on the BNB frontier? BNB chart analysis
What happened on the BNB side?
BNB’s price at $569 is struggling to secure a near-term rise after briefly falling below the $575 support line. While this rally drove the altcoin project higher, it did not turn the rising trend line back into the uptrend. An important reason why BNB's growth is still insufficient and remains below 20% is its correlation with Bitcoin. BNB’s correlation with Bitcoin is currently negative -0.21. This negative correlation means that BNB’s price action is inversely related to Bitcoin’s performance, which adds a layer of complexity to price dynamics. BinanceTR’s prize pool worth TL 21 million is waiting for you Sign up for BinanceTR through this link and get your first cryptocurrency has never been easier
However, BNB’s MACD indicator turned from a downward trend to an upward trend last week and continued its momentum. This change suggests that BNB may be in the midst of a bullish trend as bullish power builds. The continued bullish momentum on the BNB MACD indicator suggests that the cryptocurrency may be headed for further gains. Traders may keep a close eye on this indicator for confirmation of a continued uptrend.
Despite the bullish signal from MACD, the negative correlation with Bitcoin has limited BNB’s growth. This suggests that while BNB is showing signs of a potential upward trend, its progress may be hindered by Bitcoin’s price action.
BNB chart analysis
BNB price aims to regain support from the ascending trendline as this is the altcoin’s best chance of rising higher. Converting $600 into support would also see the crypto asset break above the $618 resistance. Considering that it broke this resistance level just once in six attempts in three months, it’s no surprise that BNB failed again.
However, if the altcoin fails to secure even support from the ascending trendline and reverses direction, a drop to $550 is possible. Losing it will prolong the downtrend and invalidate the bullish clues.
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