Despite recent volatility, Binance Coin (BNB) appears resilient, maintaining a price above $500 since September 11 and currently trading at $552. This analysis explores the reasons behind its bullish momentum and potential for higher values.
The Moving Average Convergence Divergence (MACD) indicator shows positive momentum with the 12-day EMA crossing above the 26-day EMA, indicating that buyers are currently dominant. Historically, such scenarios suggest building upward momentum and potential price rises.
Additionally, the Chaikin Money Flow (CMF) indicator supports a bullish outlook. The CMF has moved above the zero line, indicating stronger buying pressure than selling. This further signals bullish momentum, suggesting that BNB’s price could rise.
BeInCrypto analysts have identified a falling wedge pattern on the daily chart, typically a bullish technical pattern. This formation often indicates that sellers are losing momentum and buyers are capitalizing on this fatigue. If buying pressure continues, BNB could break the resistance at $574.60 and target $625.
However, if BNB fails to break above this resistance, its price might drop below the $517.50 support level, invalidating the forecast. Analysts stress that defending this support is crucial for potential upward movement.
