BNB's amazing reversal! $500 is just the starting point, $625 is within reach?
BNB shows strong resilience, the price is stable above $500, and the positive crossover of MACD shows the strength of buyers
Recently, BNB (Binance Coin) has shown extraordinary resilience in market fluctuations. Its price has remained above the key level of $500 since September 11, and the current trading price has climbed to around $552. This performance not only reflects the market's confidence in BNB, but also indicates potential upward momentum.
MACD positive crossover, buyers dominate the market trend
From the technical indicators of the daily chart, BNB's moving average convergence divergence (MACD) indicator is in the positive zone, and it shows a positive trend of the 12-day EMA (short-term moving average) crossing the 26-day EMA (long-term moving average). This positive crossover is an important sign that the market momentum has turned optimistic, which means that buyers have taken a dominant position in the current market. As buying pressure continues to increase, the price of BNB is expected to climb further.
Chaikin Money Flow (CMF) supports bullish trend
In addition, the Chaikin Money Flow (CMF) indicator also provides strong support for BNB's bullish outlook. The CMF indicator assesses the accumulation or distribution state of the market by measuring the flow of funds in the market. Currently, the CMF on the BNB/USD daily chart has successfully broken through the zero line, indicating that the accumulation force (i.e. buying pressure) in the market is gradually increasing and is expected to push BNB prices to higher levels.
A falling wedge is formed, indicating that a price breakthrough is imminent
In terms of technical patterns, BNB's daily chart also presents a significant falling wedge structure. This is a typical bullish technical pattern that usually appears after the market has experienced a period of volatile downward movement. As the trend lines gradually converge, the power of sellers begins to weaken, while buyers take the opportunity to exert their strength. Once the buying pressure reaches a sufficient level, the price of BNB is expected to break through the upper resistance level and continue to rise.
Judging from the current market situation, BNB has almost locked in a breakthrough of the $574.60 resistance level. However, to achieve this goal, the bulls must hold on to the $517.50 support level. If this support level is effectively maintained and buying pressure continues to increase, the price of BNB is expected to climb to around $625 in the short term.
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