BNB price achieved a double-digit increase but failed to satisfy investors‘ profit appetite. Altcoins prefer to follow Bitcoin’s path and create a profit chart for token holders, while BNB continues to resist this trend. Here, we examine BNB, one of the popular altcoin projects in the crypto market.
What Is Happening on the BNB Front?
BNB’s price of $569 briefly fell below the $575 support line and struggled to secure its recent rise. While the rally pulled the altcoin project up, it did not turn the upward trend line back into an upward trend. A significant reason for BNB’s insufficient rise, stopping below 20%, is its correlation with Bitcoin. BNB’s correlation with Bitcoin is currently negative at -0.21, meaning BNB’s price movement is inversely related to Bitcoin’s performance, adding a layer of complexity to its price dynamics.
However, the MACD indicator for BNB has maintained its momentum after shifting from a bearish to a bullish trend last week. This change indicates a potential upward trend for BNB as bullish forces strengthen. The ongoing bullish momentum in BNB’s MACD indicator suggests that the cryptocurrency could rise further. Investors are likely to closely monitor this indicator for confirmation of a continuous upward movement.
Despite bullish signals from the MACD, the negative correlation with Bitcoin has limited BNB’s growth. This indicates that BNB’s potential bullish signs could be hindered by Bitcoin’s price movements.
BNB Chart Analysis
BNB aims to reclaim the support of the upward trend line as the best chance in a rally. Turning $600 into support would also allow the crypto asset to surpass the $618 resistance. Given that this resistance has only been breached once in six attempts over three months, it would not be surprising to see BNB fail again.
However, if the altcoin cannot even secure the support of the upward trend line and changes direction, a drop to $550 is likely. Losing this would extend the bearish trend and invalidate bullish hints.
