BNB Eyes $650 as It Follows Bitcoin’s Bullish Path
Binance Coin (BNB) is showing signs of recovery after a bearish phase, with technical indicators signaling potential for a bullish breakout. Its strong correlation with Bitcoin's price movement suggests that if Bitcoin continues its upward trend, BNB could follow suit and target higher resistance levels.
Binance Coin (BNB) is showing signs of recovery after a bearish phase, making a move to break key resistance levels. If it succeeds, the altcoin could see a rally in the coming weeks, with improving broader market conditions adding to its potential.
Chart by TradingView
BNB has a strong correlation of 0.90 with Bitcoin, meaning it often moves in tandem with the top cryptocurrency. With Bitcoin aiming to maintain support above the $100,000 level, this connection could work in BNB’s favor, possibly fueling its upward momentum.
If Bitcoin continues to rise, BNB could benefit from the increased buying pressure, leading to a possible rally and a breakout to higher resistance levels.
Technical Indicators Show Positive Momentum
The Moving Average Convergence Divergence (MACD) indicator indicates that BNB’s bearish momentum is waning. The MACD line is approaching a bullish crossover, a technical signal that could signal a shift from negative to positive price action. If the crossover happens, it would mark the first bullish trend for BNB in nearly a month, potentially attracting new buyers and boosting the altcoin’s recovery.
If BNB can break through the $620 level and convert it into support, BNB should rise above $650. The next resistance would then be at $680.
However, if BNB fails to breakthrough and maintain $620 as support, a pullback could occur, sending the price back to the $540 support.
Bottom Line: Binance Coin appears poised for a potential breakout. With technical indicators hinting at a bullish shift and its strong correlation with Bitcoin's upward trend above $100,000, maintaining the $620 support level could propel BNB past $650 and toward $680. However, a failure to secure this support might trigger a pullback to $540.
