Binance exchange’s native cryptocurrency BNB remains strong and steady around $600, indicating underlying bullish momentum.
Whether BNB will hit new all-time highs soon depends on market sentiment and broader cryptocurrency trends. Positive technical indicators and a favorable market could push BNB to new heights, but the cryptocurrency market is known for its volatility.
BNB’s strong recovery: this month’s surge
BNB price has recovered significantly this month after falling by about 20% previously. The monthly increase is about 13%, indicating a revival of bullish sentiment.
The Moving Average Convergence/Divergence (MACD) histogram shows a continued upward trend for several months, accompanied by a bullish crossover of the MACD lines. In addition, the Relative Strength Index (RSI) is approaching overbought levels, indicating increasing buying pressure.
Currently, BNB is facing resistance at the golden ratio level around $590. A successful bullish breakout could propel BNB to its recent highs near $645 and possibly even surpass its all-time high of around $692.
The key supports are located at the Fibonacci levels of $477 and around $370. If BNB stays above the golden ratio support at $370, the bullish momentum is likely to continue in the medium-term.
The weekly MACD bearish trend indicates risk
The MACD histogram has been trending down for several weeks on the weekly chart. This suggests that the MACD lines may be about to cross over in a bearish manner. Despite this, the RSI does not indicate a bullish or bearish signal.
If BNB fails to break through the golden section resistance near $590, it will find additional support at the 50-week MA (around $380). Prior to this, important Fibonacci support is located near $477.
BNB Price Analysis: Sideways for Two Months
The Binance Coin price is forming an ascending triangle as it keeps making higher lows and repeatedly encounters resistance at the same price level. This pattern is generally considered bullish and could soon lead to a bullish breakout.
The 50-day moving average, at around $566, also serves as important support. The 50-day moving average has successfully acted as support several times over the past two months, as evidenced by the BNB price rebounding from this level.
Furthermore, the indicators are mainly showing bullish signals. The EMA continues to show a golden cross, confirming the short- to medium-term bullish trend.
The RSI remains neutral and the MACD line is ready to turn bullish on the support of the MACD histogram which has been showing bullish momentum since yesterday.
Bullish indicators appear in 4-hour analysis
The golden cross in the 4-hour chart also confirms the short-term bullish trend. Although the MACD lines have bearishly crossed, the MACD histogram is currently bullishly pointing upwards.
Meanwhile, the RSI remains in the neutral zone. If BNB experiences a short-term correction, important Fibonacci support levels are expected to be around $579 and $563.
BNB vs BTC: Analyzing the three-month uptrend
BNB price has been trending upwards against Bitcoin over the past three months and has broken above the 50-month EMA resistance at around 0.007984 BTC.
The next notable Fibonacci resistance levels are set around 0.01077 BTC and 0.00145 BTC. Overall indicators are bullish.
The MACD histogram is trending up, suggesting that the MACD lines may soon cross in a bullish pattern. The RSI remains neutral, providing neither bullish nor bearish signals.
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