Binance Coin (BNB) is making a strong comeback following a period of downturn. The altcoin is gearing up to surpass key resistance levels, a move that could ignite a rally in the upcoming weeks.
The overall improvement in the market atmosphere is aiding BNB's potential upward trajectory.
Following Bitcoin's Price Trend
BNB has a significant correlation of 0.90 with Bitcoin, indicating that it often mirrors the movements of the leading cryptocurrency. As Bitcoin makes a push to reclaim the $100,000 support level, this correlation could play to BNB's advantage, potentially propelling it towards a sustained uptrend.
Should Bitcoin hold steady above $100,000, BNB might witness an uptick in buying activity. Typically, a strengthening Bitcoin price tends to benefit correlated assets like BNB. This pattern of positive influence could bolster BNB's recovery path and drive it towards higher resistance levels shortly.
The Moving Average Convergence Divergence (MACD) indicator is signaling a diminishing bearish momentum for BNB. With the MACD line inching closer to a bullish crossover, a shift from a bearish to a bullish trend could be on the horizon.
If this crossover materializes, it would signify the start of a bullish phase for BNB after almost a month of bearish sentiment. This potential shift could attract fresh buyers, providing further support for BNB's upward journey and boosting overall market sentiment.
BNB is aiming for a rebound, having surged by 7% in the last 24 hours and successfully breaking past the resistance zone between $586 and $619. Presently priced at $621, the altcoin is working on solidifying the $619 level as a support. Maintaining this support level is critical for sustaining the bullish outlook.
Given the favorable technical and market conditions, BNB could advance towards $647 in the short term. A successful breach of this level could pave the way for BNB to hit $650, reinforcing its recovery phase. Positive market sentiments could further strengthen BNB's position and enable it to maintain its upward momentum.
However, a failure to hold the $619 support level could trigger a retracement for BNB. Dropping below this level might push the altcoin under $586, potentially leading to a downward move towards $550. Such a decline would challenge the bullish outlook for BNB, hinting at a possible return to bearish trends.