Binance cryptocurrency exchange, the world largest centralized exchange has constantly been the talk of the town with its latest updates. Some of which include the voting for delisting of tokens, ongoing cases, and opinions on the crypto trend. Despite such volatile actions, its native token Binance “BNB” token displays a neutral price action over the past few days.
While technical sentiments hint at increased bullish action, the BNB coin price continues stumbling below the $600 mark. Notably, this target levels acts as a major resistance to the price chart, suggesting a high buying and selling point at that level.
Following this, marketers are curious to understand the short-term price prospects of this article. In this write-up, we will uncover the technical sentiments and possible Binance Price Prediction.
BNB Price Continues Hovering Below The $600 Mark!
After successfully retesting its important support of $575, the Binance token has regained momentum. This has resulted in it adding over 4% to its valuation this week. Following this, the altcoin is back above the $590 mark and is on the path of retesting its important test zone of $600, the outcome of which is uncertain.
The Relative Strength Index (RSI) is on the path of surpassing its neutral point in the daily time frame. Moreover, the average trendline acts as a support to the BNB coin price chart, suggesting a positive outlook for the altcoin during the upcoming time.
Further, the Moving Average Convergence Divergence (MACD) shows a rising green histogram with its EMA 12 & 26-day witnessing a bullish convergence. Considering the present market sentiments, the 3rd largest altcoin may record sustaisned positive influence.
Will Binance Coin Go Up This Week?
If the bullish sentiment sustains, the BNB coin price could breach its pivotal resistance trend level of $600. Furthermore, if the bullish sentiment intensifies at that point, this could result in this altcoin preparing to head toward its upper price target of $625.
On the contrary, if the bears gain momentum, the price of Binance token may retest its immediate support level of $575. Moreover, if the liquidation pressure increases around that level, the BNB token could plunge toward its crucial support zone of $531.
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