Cryptocurrency giant Binance seems to be providing significant support for its BNB coin with projects featured in Launchpool. Recently, the altcoin Binance Coin (BNB) price has displayed a pattern defined by descending peaks and troughs. However, the bullish trend in the market continues to remain strong. Even in the current climate of uncertainty, particularly when altcoins are looking for clues from Bitcoin (BTC) price movements, BNB is showing a resilient performance.
Altcoin BNB Could Reach the $400 Level
Altcoin BNB is currently balancing within a descending parallel channel, indicating a bearish trend in the cryptocurrency. However, historically similar technical formations have often led to healthy corrections for BNB, which supports its resilience and positive outlook even in a general market weakness.
If past patterns are repeated, it is likely that Binance Coin could break through the upper boundary of the descending parallel channel, surpass the $387.30 level, and target a 5% increase towards the psychologically important $400.00 level.
Although Altcoin BNB is currently in the overbought region, the Relative Strength Index (RSI) is still showing an upward movement. Additionally, the Moving Average signal line crossing above the orange band indicates an increasing bullish sentiment. The Awesome Oscillator (AO) supports the bullish view with positive histogram bars.
What Are the Potential Bearish Indicators for Cryptocurrency BNB?
BNB coin being in the overbought region creates a risk of correction. MACD histogram bars are moving away from green shades, indicating an increase in bearish momentum in the BNB market. If the bullish momentum weakens, bears could take control and potentially break the $360.00 support level. This scenario would weaken the bullish outlook and could trigger a long-term decline for Binance Coin.
While Altcoin BNB continues its upward trend during the consolidation process, it is beneficial to be cautious against a potential bearish reversal. Investors should consider the fundamental support and resistance levels to accurately assess ongoing market sentiment. On the other hand, new projects to be featured by the cryptocurrency exchange Binance in the coming period could mean new support for the BNB coin.
