After a period of decline, Binance Coin (BNB) is showing signs of improvement and recovery. The altcoin is attempting to break through key resistance levels which, if successful, could initiate a bullish trend in the coming weeks. The overall market conditions also support Binance Coin’s upward movement. Binance Coin has a strong correlation of 0.90 with Bitcoin, meaning it usually moves in sync with the digital currency. Given Bitcoin’s efforts to reclaim the $100,000 level, this correlation could work in favor of Binance Coin, increasing the likelihood of its continued upward trend. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator indicates decreasing selling pressure. The MACD line is on the verge of a bullish crossover, potentially signaling a shift from a bearish to bullish trend. This would mark the first time Binance Coin enters an upward trend after nearly a month, attracting new buyers and strengthening market confidence. In the past 24 hours, Binance Coin has reached the resistance range of $586 to $619. Currently, the altcoin is striving to turn the $619 level into support. Maintaining this level will be crucial for the continuation of the bullish trend. If the positive trend continues, Binance Coin could rise to $647. Successfully surpassing this level could pave the way to $650 and solidify the recovery trend. Positive sentiments in the digital currency market can also help sustain this trend. However, failing to hold the $619 level could lead to a price correction. Losing this support level could drive the price down to below $586, potentially invalidating the bullish scenario and indicating a return to bearish conditions. Visit the live digital currencies price page to monitor the prices of all tokens and cryptocurrencies in real-time.
