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Binance Coin price analysis: BNB breaks above $600, can bulls continue onwards?

Binance Coin price

TL;DR Breakdown

  • Binance Coin price is expected to observe sideways movement at current level.
  • The closest support level lies at $600.
  • BNB faces resistance at the $630 mark.

Binance Coin price has broken above the $560 mark, and steady bullish momentum has carried the price to challenge the $608 mark. BNB records an over 19.7 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major Players include XRP, and DOT that record a 14.36 and a 4.04 percent increase, respectively. However, some currencies like Ethereum, ADA, and Solana record a loss.

Technical indicators for BNB/USDT

Binance Coin price analysis: BNB breaks above $600, can bulls continue onwards? 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the indicator struggled at the 18.5 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little above the 64.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past week. At press time, the RSI has had a small spike towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently wide, and as the bulls show signs of activity in recent hours, the Bollinger bands will expand in the short term. Currently, the indicator suggests high Binance Coin price volatility in the short term, and as the Binance Coin price is currently closer to the upper limit away from the mean point, it suggests further expansion.

Overall the 4-hour technical analysis issues a buy signal with 16 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, seven indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 14 of the 26 indicators suggesting a bullish movement for the Binance Coin price against only four indicators suggest a bearish retracement. Meanwhile, eight indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Binance Coin price?

Binance Coin price analysis: BNB breaks above $600, can bulls continue onwards? 2
4-hour price chart by Tradingview

Binance Coin price has broken above the key resistance level at the $600 mark. As such, the price action would need to establish a support zone at the level before it can continue moving higher. While the technical analyses and the short-term technical indicators remain bullish, some indicators suggest consolidation is needed above the $600 mark before the price can continue upwards.

As such, traders should expect sideways movement below the $650.00 mark for a while before the price continues rising towards the $700 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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