Binance Coin (BNB) is preparing to extend its gains after breaking above the descending channel on its one-day chart. This breakthrough could push BNB to a monthly high of $598.90.
Since the beginning of June, BNB’s price decline created a descending channel, suggesting bearish control. However, a recent upward trend has led to BNB breaking above this channel, signaling a shift to bullish sentiment.
The Moving Average Convergence Divergence (MACD) indicator, with the MACD line positioned above the signal and zero lines, indicates sustained buying pressure and an uptrend. Additionally, BNB is trading above Leading Span A and approaching Leading Span B within the Ichimoku Cloud, further supporting the bullish phase.
However, increased market volatility, indicated by the widening Bollinger Bands, poses risks. The current bullish sentiment on-chain might drive BNB to a one-month high of $598.90, although a reversal could lower the price to $560.90.
A positive weighted sentiment on-chain reinforces BNB’s bullish outlook, suggesting continued price growth if optimism holds among holders.
