BINANCE COIN (BNB) shows signs of recovery after a period of bear pulse. Altcoin tried to break through the key levels of resistance, which, if successful, could cause a rally in the coming weeks.
Improving wider market conditions additionally supports the potential BNB movement.
BNB can follow the Bitcoin price scheme
BNB has a strong correlation of 0.90 with bitcoins, which indicates that Altcoin often moves in tandem with a crypto crop. Given the Bitcoin attempt to return the support level of $ 100,000, this correlation can work in favor of BNB, increasing its chances of a stable rally.
If Bitcoin manages to hold more than $ 100,000, BNB can see the increased purchase pressure. The strengthening price of BTC historically leads to a positive effect of exposure to correlated assets. This trend can help BNB strengthen its restoration and promote higher resistance levels in the near future.
The divergence indicator of convergence (MACD) (MACD) suggests that a bear pulse disappears. The MACD line is approaching the bull crossover, a technical signal that may indicate a transition from a bear to bull impulse.
If a crossover occurs, this will be celebrated for the first time in almost a month, when the BNB goes to a bull tendency. This development can attract the fresh interest of customers, additionally supporting the upward Altcoin trajectory and strengthens the trust in the market.
BNB price forecast: the desire to restore
BNB has grown by 7% over the past 24 hours, successfully breaking through the resistance zone from 586 to 619 dollars. Currently, trade in $ 621, Altcoin is in the process of turning the resistance of $ 619 in support. The holding of this level will be crucial to maintain a bull prospect.
Thanks to favorable technical and market conditions, BNB can rise to $ 647. A successful violation of this level would pave the path for Altcoin in order to reach $ 650, strengthening its restoration. Positive feelings in the cryptography market will further increase BNB’s chances to maintain this upward trend.
However, if the BNB cannot hold $ 619 as support, restoration may follow. The jump of this support zone can send altcoin below $ 586. The continuation of the decline to $ 550 will tolerate the invalid dissertation, signaling the potential return to bears.
