Binance CoinLong
Will BNB Price Cross $700?
BNB price action is currently in a short-term recovery phase, with an ascending triangle pattern forming near the $600 psychological resistance.
The altcoin has been consolidating between $464 and the $600 supply zone, with BNB trading at $583 after a 2.91% recovery.
BNB is trading above both the 50-day and 200-day EMAs, signaling strength in the price action.
The 50% Fibonacci level at $587 acts as immediate resistance, but a bullish engulfing candle suggests an increased likelihood of an overhead breakout.
The 50-day and 200-day EMAs show a sideways movement in a positive alignment, giving a neutral trend signal.
A bullish crossover in the MACD and signal lines near the resistance level strengthens the chances of a breakout.
If BNB breaks out, potential targets are $711 and $863 based on Fibonacci extensions.
On the downside, critical support levels include the local trendline and the 23.60% Fibonacci level at $522.
The altcoin has been consolidating between $464 and the $600 supply zone, with BNB trading at $583 after a 2.91% recovery.
BNB is trading above both the 50-day and 200-day EMAs, signaling strength in the price action.
The 50% Fibonacci level at $587 acts as immediate resistance, but a bullish engulfing candle suggests an increased likelihood of an overhead breakout.
The 50-day and 200-day EMAs show a sideways movement in a positive alignment, giving a neutral trend signal.
A bullish crossover in the MACD and signal lines near the resistance level strengthens the chances of a breakout.
If BNB breaks out, potential targets are $711 and $863 based on Fibonacci extensions.
On the downside, critical support levels include the local trendline and the 23.60% Fibonacci level at $522.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.