Binance Coin (BNB) has seen a 5% gain over the past week, approaching its long-term resistance level of $598.90. At press time, the altcoin was trading at a seven-day high of $585.50 and looks set to continue its upward momentum.

Technical indicators suggest a possible break above the $598.90 resistance. This could push the price towards the four-month peak of $652.90. This analysis explores how realistic this scenario is in the near term.

Binance Coin Shows Growth in Optimistic Momentum

At its current price, BNB is trading above its 20-day exponential moving average (EMA) and its 50-day small moving average (SMA).

An asset’s 20-day EMA measures its average closing price over the past 20 trading days. This is a short-term indicator that reacts quickly to price fluctuations. On the other hand, the 50-day SMA is a long-term indicator that tracks the asset’s average closing price over the past 50 days.

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The daily chart of BNB reveals that it broke above the 50-day SMA on Oct. 4. Additionally, the coin broke above the 20-day EMA during Tuesday’s trading session. When an asset breaks above the 50-day SMA and subsequently breaks above the 20-day EMA, it signals a shift in momentum towards a bullish trend.

BNB 20-day EMA and 50-day SMA. Source: TradingView

Furthermore, according to BNB’s moving average convergence/divergence (MACD) indicator, its MACD line (blue) is about to cross its signal line (orange), confirming the bullish outlook.

When an asset's MACD, which tracks its trend direction and potential price reversal points, is configured this way, it indicates strengthening upward momentum. Thus, it suggests that the asset may be entering a sustained bullish phase.

MACD do BNB. Fonte: TradingView

Price forecast

Sustained demand for the BNB coin could propel its price towards the long-term resistance level of $598.90. The altcoin has faced significant selling pressure at this price point since June, with each attempt to break above it failing.

In short, if successful this time around, this would pave the way for the BNB price to reach $652.90, a high that was last seen on June 19. A successful breach of this level would therefore put the coin on a path to reclaim its all-time high of $721.80.

BNB price analysis. Source: TradingView

However, if the buying pressure eases, the BNB price could lose its recent gains and fall towards the $522.90 support level.

The article 3 signs indicate that Binance Coin (BNB) could reach US$ 650; check it out was first seen on BeInCrypto Brazil.