Binance (BNB) remains in the spotlight as positive momentum creates hope for cryptocurrency investors and traders today. The coin is exhibiting power with increased confidence, boosting greater demand for this major digital asset through trading platforms worldwide.
Presently, the BNB is trading at $598 with the support of a 24-hour trading capacity of $1.3 billion and a market capitalization of as much as $83.3 billion.
The price over the last 24 hours has remained stable; however, last week’s data indicates a low decrease of 1.03 percent, hinting at the strong possibility of further upward movement in case of an improvement in conditions.
Technical analysis of the daily chart against USDT indicates that Binance Coin is in the process of trading within a triangle pattern formation. This formation indicates room for sideways trading as traders wait for breakout or breakdown signals in the upcoming sessions.
Price targets are still in place at $599, $617, and $644, with risk management being guided through stop-loss levels of $580, $559, $542, and $521 for maximum protection.
BNB MACD uptrend signals bullish momentum
However, Moving Average Convergence Divergence (MACD) is trending upwards presently, suggesting that bullish momentum is about to make a comeback.
There is no confirmation as of now, so the traders have to approach with caution while keeping an eye on major price levels. Buyers are repeatedly defending the support in the $590 to $595 range, while resistance is firming up in the $605 to $615 range.
The four-hour chart indicates a series of lesser highs, indicating diminishing bull power as trading activity remains relatively subdued.
The quiet trading indicates indecision in the marketplace, with the bulls and the bears engaged in an intense struggle for dominance. It will take a clear thrust above $610 to trigger a rally toward $620 or even $630, whereas falling through $590 will trigger downside action toward $580 with further weaker levels.
Now, BNB is building an ascending triangle, indicating potential upside momentum as long as support remains firm against rising pressure.
Nonetheless, market players are anticipating a clear breakout above resistance levels before they take strategic action in the hope of reaching greater price targets in the future.
