BNB price is now just 10% away from its all-time high, after a 181.79% increase this year, representing a strong performance in the market. However, some indicators are suggesting that the current uptrend may be weakening.
Although the bullish structure remains in place and key resistance levels are within reach, momentum needs to be stronger for BNB to surpass its previous all-time high.
BNB's Current Uptrend Can't Last
BNB's ADX is currently at 19, down from over 30 just two days ago, signaling a weakening trend. The ADX (Average Directional Index) measures the strength of a trend on a scale of 0 to 100, without determining the direction of the trend.
Values above 25 indicate a strong trend, while below 20 indicate a weak or no trend. The decline in ADX shows that although BNB price is still in an uptrend, the driving momentum has significantly decreased.
With the ADX at 19, BNB’s current uptrend appears to lack the strength of previous days, signaling a possible accumulation phase or a reduction in buying pressure.
For the uptrend to regain strength, the ADX needs to rise back above 25, confirming a recovery in momentum. Until this happens, the price of BNB may fluctuate sideways or struggle to maintain the upward momentum.
BNB's Ichimoku Cloud Shows Mixed Signals
BNB's Ichimoku Cloud chart currently shows a mixed trend. The price is just above the Kijun-Sen (orange line) and Tenkan-Sen (blue line), signaling some bullish momentum.
However, the price is currently hovering near the edge of the cloud (Senkou Span A and B), indicating that the trend is not yet strong enough. The green cloud ahead suggests some medium-term support, but its relative flatness suggests limited momentum in either direction.
For BNB price to regain strong bullish momentum, it needs to break above the Kijun-Sen line and the cloud edge. If it fails and falls below the cloud, this could signal the start of a bearish trend.
Conversely, if the position above the cloud is maintained and the Tenkan-Sen line crosses above the Kijun-Sen line, the uptrend could be further reinforced.
Price Prediction: Will BNB Surge More Than 10% and Hit a New ATH?
BNB’s EMAs are currently showing a bullish structure, with the short-term EMAs above the long-term EMAs. This arrangement suggests that the uptrend is still in place, and if BNB price regains momentum, it could surpass the important resistance levels at $667 and $687.
A successful breakout of these levels could see the price move towards the previous all-time high at $719.84 and even set a new ATH. The EMAs continue to support the bullish sentiment as long as the price remains above these lines.
However, indicators like ADX and Ichimoku Cloud suggest that the uptrend may be losing momentum. If a downtrend emerges, BNB price could retest important support levels at $603 or even $593.
If the price breaks below these support levels, it could signal a deeper correction, weakening the current bullish structure.