BNB is currently priced at $658, showing resilience despite market volatility. However, it’s facing a micro downtrend this month. The positioning of the exponential moving averages (EMAs) below the candlestick indicates a potential bullish trend.
This pattern suggests that if BNB can maintain its current price, there could be an upward movement, making it a favorable outlook for investors despite the ongoing market uncertainty.
For BNB to regain bullish momentum, breaking free from the downtrend is key. A bounce off $646 support could help BNB target $667, which has proven difficult since May.
The RSI remains above neutral, signaling growing buying pressure that could fuel the uptrend. A successful breach of $667 into support would confirm a more optimistic outlook for the coin.
If market conditions worsen, BNB risks dropping below the $646 support. In this scenario, the next levels of support at $628 and $615 would be tested.
A break below these levels could invalidate the bullish outlook, leading to further declines. Investors should stay alert to shifts in broader market sentiment.
Aaryamann Shrivastava
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aaryamann Shrivastava
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.