BNB Analysis: Price Aiming for $650, Could Follow BTC Pattern

Binance Coin (BNB) is showing signs of recovery after a period of price decline. This Altcoin has tried to break through key resistance levels, and if successful, it could trigger a price increase in the coming weeks.

The general market conditions are also improving, supporting the potential for BNB's price increase.

BNB may follow Bitcoin's price pattern

BNB has a strong 0.90 correlation with Bitcoin, indicating that this Altcoin often moves in the same direction as the leading cryptocurrency. With Bitcoin trying to regain the $100,000 support level, this correlation could benefit BNB, increasing the chances of a sustained price increase.

If Bitcoin holds above $100,000, BNB may see increased buying pressure. Strong BTC prices often lead to a positive spillover effect on correlated assets. This trend could help BNB consolidate its recovery and move towards higher resistance levels in the near future.

The Moving Average Convergence Divergence (MACD) indicator shows that the bearish momentum is fading. The MACD line is approaching a bullish crossover, a technical signal that may indicate a shift from bearish to bullish momentum.

If the crossover occurs, it will be the first time in nearly a month that BNB has shifted to an uptrend. This development could attract new buying interest, further supporting the altcoin's uptrend and strengthening market confidence.

BNB Price Prediction: Towards Recovery

BNB has increased by 7% in the past 24 hours, successfully breaking through the resistance zone between $586 and $619. Currently trading at $621, this Altcoin is in the process of converting the $619 resistance into support. Maintaining this level will be crucial to sustain the upward price momentum.

With favorable technical and market conditions, BNB may rise to $647. If it successfully breaks above this level, the Altcoin could reach $650, consolidating its recovery. The positive sentiment in the cryptocurrency market will further enhance the chances of BNB maintaining this uptrend.

However, if BNB fails to hold the $619 support level, a correction may occur. If it falls below this support zone, the Altcoin may return to below $586. A continued decline to $550 would invalidate the bullish case, signaling a potential return to bearish conditions.

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