BNB price hints at a potential market rebound following a recent correction, with bulls seemingly regaining momentum. The ongoing recovery rally is advancing towards the rounding bottom’s neckline, signaling a possible bullish breakout. A successful breakout could propel BNB toward the $650 mark in the near term. However, market sentiment remains critical in shaping the price trajectory as it approaches the anticipated target.
BNB Price Eyes 11% Gain Amid Market Moves
The top altcoin is nearing a crucial point, with bullish and bearish scenarios. The price has fluctuated significantly since peaking at $640 in March. An ascending triangle pattern has emerged, indicating possible consolidation and a potential continuation of the uptrend that began last October.
BNB reached a yearly high of $720 in early June before retracing to the ascending support at $610. Now, the price hovers below $600, signaling possible upward momentum. The upcoming breakout direction will likely establish the dominant trend, setting the stage for a continued rally or a potential downturn. Most of the crypto market today has been trading in mixed trend, indicating volatility
How High is BNB’s Potential for Recovery?
The BNB price is trading at $577, reflecting a slight decline of 0.20% in the past 24 hours. The day’s trading range shows a low of $573.98 and a high of $585.97. Despite recent fluctuations, BNB remains significantly below its all-time high of $720.67, recorded on June 6, 2024, representing a 19.12% decrease.
The latest price movements display a series of sharp ups and downs, indicating high market volatility. However, over the past week, the top altcoin has surged by 5% and 12% monthly.
BNB coin price could surge toward the $600 resistance level, fueled by sustained demand. If it breaks through this barrier, a path toward $620 may open. A successful move beyond $620 would set the stage for BNB to target the next resistance level at $650, representing an 11% potential price increase.
The MACD indicator reflects mixed signals. While the MACD line (orange) has crossed above the signal line (blue), suggesting recent bullish momentum, the histogram shows weakening buying pressure. This indicates that while the price trend appears positive, it may be approaching a reversal.
BNB Price Chart| Source: TradingView
Whales increased their stablecoin holdings, indicating potential accumulation patterns by large holders. The significant rise in whale-held stablecoins from late August onwards coincided with a gradual rebound in BNB’s price, suggesting a possible bullish sentiment as whales prepare for market movements. The consistent rise in whale-held stablecoins could signal their readiness for strategic positions, hinting at a positive outlook for BNB.
Source- Santiment
The BNB price outlook remains promising but hinges on breaking resistance barriers. If whales continue accumulating and BTC maintains its strength, BNB could push toward the $650 target, potentially reigniting bullish momentum in the weeks ahead.
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