Bitcoin price is in a relatively good position compared to yesterday, returning to the $63,000 mark. We have reached mid-May. The expected rise after April’s decline has not started in May, and volatility is expected to increase further with the inflation data coming this week. So, which altcoin could outperform BTC this month?
BNB Coin
Binance is behind the project, which we mentioned has three major bullish catalysts. At the time of writing, the price holding at the $600 threshold did not suffer as much as BTC. The MACD confirms the upward trend, and the RSI is approaching overbought levels again, highlighting the possibility of a quick recovery.
The main resistance, as we have mentioned many times, is at $590, and this key threshold was surpassed again today. At this stage, a new attempt at $645 could be expected. With the next break at the second strong resistance level, BNB Coin price will target the all-time high of $692.
In a potential downturn, BNB Coin bulls might see new lows between $477 and $370. Still, for the continuation of the upward momentum, it is crucial to continue closing above $370. The downturn scenario is possible if closures cannot be made above $590.
BNB Coin and Bitcoin
The 50-day EMA, located at approximately $566, also serves as an important support. In the past two months, this level has acted as a significant support level. As we can understand, the key level here is where the BNB price recovers from this level. Additionally, the moving average is forming a new golden cross, which typically appears before major upward movements.
The situation on the Bitcoin front is much brighter. While many altcoins like ETH are melting in BTC parity, BNB Coin has been on the rise for three months. Since the resistance at 0.007984 BTC has been breached, new highs against BTC may be approaching.
This month, if the bulls can find strength, they could multiply their gains against BTC, targeting levels of 0.01077 BTC and 0.00145 BTC. The MACD histogram is in an upward trend, and the RSI is currently neutral. BTC is finding buyers at $62,825 at the time of writing.
