- Binance Coin price expected to rise above $650 to the $700 mark
- The closest support level lies at $625
- BNB faces resistance at the $670 mark
Binance Coin price has broken above the $520 mark, and strong bullish momentum has carried the price to challenge the $631 mark. BNB records an over 23 percent price hike across the last seven days showing strong bullish momentum. However, this increasing bullish activity has resulted in a volatile price movement earlier today.
The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major players include Ripple‘s XRP and ADA that record a 1.97 and a 3.58 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 3.78 and a 9.49 percent hike.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the Binance Coin price stayed just above the 12.50 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.
The RSI broke out of the neutral region on May 1st for less than an hour but has since dropped back into the neutral zone. The indicator currently trades above the 60.00mark and moves downwards, suggesting a bearish presence at the current price level. Meanwhile, the RSI trades with a high slope giving an increasing sell signal at press time.
At press time, the Bollinger bands are wide; however, they will converge in the short term as the bears take charge of the market momentum. Meanwhile, the band’s convergence suggests a decrease in the volatility for the Binance coin price as the price oscillates just above the $630 mark. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 14 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, nine 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 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?
With major cryptocurrencies continuing with their bull rallies, the Binance Coin price can be expected to continue rising towards the $700 mark. While BNB retraced earlier today from the $670 mark, the Binance Coin price is still showing bullish dominance and continues rising upwards.
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