Binance Coin (BNB) Bounces 20% as Price Eyes $600 Resistance

Binance Coin (BNB) price managed to secure a double-digit increase, but this was not enough to satisfy the investors’ thirst for profits.

While altcoins opted to follow Bitcon’s path and chart gains for token holders, BNB opposed it.

Binance’s Native Token Halts Rise

BNB’s price at $569 is struggling to secure the recent rise after briefly slipping below the $575 support line. While the rally brought the altcoin up, it did not flip the uptrend line into the uptrend again.

A huge reason the Binance native token’s rise fell short and stopped under 20% is its correlation with Bitcoin. BNB’s correlation with Bitcoin is currently negative -0.21. This negative correlation means that BNB’s price movement is inversely related to Bitcoin’s performance, adding a layer of complexity to its price dynamics.

However, Binance Coin’s MACD indicator, which flipped from a bearish crossover to a bullish one last week, is continuing its momentum. This shift signals a potential uptrend for BNB as bullish forces gain strength.

The ongoing bullish momentum in BNB’s MACD indicator suggests that the coin could be set for further gains. Investors are likely to monitor this indicator closely for confirmation of sustained upward movement.

Read More: How To Buy BNB and Everything You Need To Know

Despite the bullish cues from the MACD, the negative correlation with Bitcoin has limited BNB’s growth. This suggests that while BNB is showing signs of a potential rally, its progress may be hindered by Bitcoin’s price movements.

BNB Price Prediction: Eyes Up Above

BNB price aims to reclaim the uptrend line’s support, as that is the altcoin’s best shot at a rally. Flipping $600 into support would also boost the crypto asset beyond the resistance at $618.

Given that this barrier has only been breached once out of six attempts in three months, it won’t be surprising to see BNB fail again.

Read More: Binance Coin (BNB) Price Prediction 2024/2025/2030

However, if the altcoin does not even secure the uptrend line into support and changes the direction, a drawdown to $550 is likely. Losing it would extend the bearishness and invalidate the bullish cues.