BNB’s price is only about 10% away from its previous all-time high, and it has risen 181.79% so far this year, which is still a strong market performance. However, technical indicators such as ADX and Ichimoku Cloud have recently shown that the current upward momentum may be losing momentum.
While the overall bullish structure remains valid and key resistance levels are close, BNB may need to build up some momentum to break out above its previous all-time high.
At present, BNB's upward momentum may slow down
The ADX indicator is now 19, which is much lower than the 30 of the previous two days, indicating that the trend is weakening. ADX uses a value from 0 to 100 to measure the strength of the trend, but it does not tell us the direction of the trend.
Generally, if the ADX value is over 25, it means that the trend is strong, and below 20 means that the trend is weak or there is no clear trend. The decline of ADX means that although the price of BNB is still rising, the momentum driving the price increase has greatly weakened.
With the ADX currently at 19, BNB’s upward momentum seems to be lacking momentum, and its performance in recent days has been weak, which may suggest that the price will enter a consolidation phase or that the buying power will weaken.
To resume the upward momentum, ADX needs to rise above 25 to confirm new momentum. Until then, BNB may fluctuate in the current range or face more resistance while maintaining the bullish trend.
As for BNB’s Ichimoku Cloud, the current signals are somewhat mixed.
The price is slightly above the Kijun-Sen (orange line) and Tenkan-Sen (blue line), suggesting that there could be some bullish momentum in the short term.
However, the price is currently hovering on the edge of the cloud (near Senkou Span A and B), indicating that the trend is not particularly strong. The green cloud ahead provides some medium-term support, but its flat shape suggests that the trend may not be too strong and the directional breakout remains uncertain.
If the price of BNB wants to reignite strong bullish momentum, it needs to break above the Kijun-Sen and move away from the edge of the cloud. If it fails to break out and falls back below the cloud, it could mean the start of a bearish trend.
Conversely, if BNB can sustain above the Cloud and the Tenkan-Sen rises above the Kijun-Sen, then this could provide stronger upward momentum for the price.
BNB Price Prediction: Will BNB break out of the 10% rally and hit a new all-time high?
Judging from the trend of the EMA line, BNB is currently showing a bullish trend, with the short-term EMA above the long-term EMA. This means that the upward trend is still valid, and if BNB can regain momentum, it may break through the key resistance levels of $667 and $687.
If these levels are successfully broken, the price could potentially hit the previous all-time high of $719.84 and could even set a new high. As long as the price remains above the EMA lines, they will continue to support the bullish sentiment.
However, indicators such as ADX and Ichimoku Cloud show that the current uptrend may start to weaken. In the event of a downside move, the price of BNB may retest the important support level of $603 and may even drop to $593.
If the price breaks below these support levels, it could mean a deeper correction in the market, in which case the current bullish structure could be undermined.