Binance Coin (BNB) Gains Bullish Momentum, Targeting Breakout to $644

Binance Coin (BNB) is again in the limelight as bullish pressure propels its price. Increased buying pressure and renewed investors' faith are driving the surge.

Binance Coin (BNB) is again in the limelight as bullish pressure is propelling its price. The crypto behemoth, created by Binance exchange, is showing signs of a price surge due to increased buying pressure and renewed faith from investors.

As the market recovers, traders’ and investors’ interests are increasing, and BNB’s surge in prices is grabbing the attention of the crypto community. The coin is currently testing a key support level and also shows signs for further upward momentum.

At the time of writing, BNB is trading at $593.27 with a 24-hour trading volume of $1.24B and a market cap of $83.58B. The BNB price over all the timeframes is showing stability as BNB retests its key support level and also signs for further momentum.

Source: CoinMarketCap

According to the crypto analyst Andrew Griffiths, Binance Coin (BNB) is coming into the focus of traders and analysts again as recent activity on the 1-day chart against the USDT displays the textbook triangle consolidation chart structure. This technical structure indicates that the coin is in balance, with both sell and buy pressure.

As the market recovers, traders’ and investors’ interests are increasing, and BNB’s surge in prices is grabbing the attention of the crypto community. The coin is currently testing a key support level and also shows signs for further momentum.

According to the crypto analyst Andrew Griffiths, Binance Coin (BNB) is coming into the focus of traders and analysts again as recent activity on the 1-day chart against the USDT displays the textbook triangle consolidation chart structure. This technical structure indicates that the coin is in balance, both in terms of sell and buy pressure.

According to the analysis, if bullish momentum returns, three important price targets have been identified. The first target (T1) is $599, just below the psychologically significant $600 resistance. The second target (T2) is $617, near a previous resistance level from March. The final target (T3) is $644, the full estimated size of an already established triangle breakout.

Source: X

The analysis further highlighted that recent market volatility should be kept in mind and risk should be managed with appropriate stop-loss levels of $580 (SL1), $559 (SL2), $542 (SL3), and $521 (SL4). These are set strategically near known points of support and will contain downside exposure in the event of worst-case conditions when the price breaks down from the triangle.

From an indicator perspective, the Moving Average Convergence Divergence (MACD) is indicating initial stages of an impending bullish crossover. While this may signal a potential wave of escalating momentum, confirmation is still pending. The histogram is just starting to go upwards; needing an unmistakable signal line crossover over the zero line, the trend is still neutral with a cautious tip in a positive direction. The indicator should continue to be watched intently over the days ahead for confirmation.