BNB’s crossover suggests that short-term momentum is gaining strength compared to long-term momentum.

BNB saw a bullish crossover after the 50-day MA crossed above the 100-day MA.

If BNB breaks above $600 on high buying volume, it could spark a rally to $700.

Binance Coin [BNB] has been tracking Bitcoin [BTC] over the past month. Like most altcoins, BNB has also seen a strong recovery, with a 30-day gain of 9%.

At press time, BNB is trading at $595 after once again encountering resistance above $600. As BNB prepares to break through this resistance level once again, multiple bullish signals are emerging, signaling a strong uptrend.

BNB Price Outlook

BNB’s failure to break above $600 suggests that sellers are taking profits at this price.

However, a bullish crossover formed on the daily chart after the 50-day exponential moving average (EMA) crossed above the 100-day EMA, suggesting a possible breakout.

This crossover typically indicates that short-term momentum is strengthening relative to long-term momentum.

This move could attract buyers looking for a buy signal for BNB, pushing the price higher.

Buying activity can already be seen in the volume histogram bars, which suggests that buying volume is higher than selling volume.

Additionally, the Chaikin Money Flow indicator showed a reading of 0.30, suggesting active buyers. The CMF also rose strongly, suggesting that buying momentum has not faded.

If these high buying volumes continue, BNB could be on the verge of a major uptick that could take it above the 100% Fibonacci level ($700).

These purchases are likely to occur this week as former Binance CEO Changpeng Zhao was released from prison on September 29.

Ahead of this event, BNB will likely continue to follow the broader market. Price action could retest support at the 0.786 Fib level ($585).

Liquidation data shows

Looking at the BNB liquidity heatmap on Hyblock Capital, liquidations levels are pouring in between $600 and $630.

If the BNB price starts to rise and approaches these liquidation levels, it could trigger a short squeeze where short traders are forced to close their positions by buying BNB. This scenario could further fuel the rally.

These possible liquidations also suggest that $600-630 is a strong resistance zone. Therefore, if BNB manages to break above these levels, it could signal a strong shift in sentiment towards bullishness.

In the futures market, BNB continues to attract interest, with open interest at $620 million at press time, Coinglass reported.

However, the figure fell slightly after reaching a three-month high of $677 million on September 24.