- BNB’s price is trading positively on Thursday after finding support at a key level the prior day.
- The technical analysis hints at a potential rally, with momentum indicators indicating a bullish outlook, aiming for $679.90.
- A daily candlestick close below $576.61 would negate this bullish scenario.
On Thursday, BNB (BNB) is trading just above $624 after identifying support around its significant level the day before. The technical perspective points towards a possible rally as momentum indicators signal a bullish trajectory, targeting $679.90.
BNB Price Shows Signs of a Potential Rally
BNB’s price breached its 200-day Exponential Moving Average (EMA) at approximately $620.5, experiencing nearly a 5% increase on Monday. This level roughly aligns with the daily resistance at $612.50, and a breakout above these points indicates a bullish trend. However, BNB saw a slight decline over the next couple of days, retesting and finding support around the daily level of $612.50. As of Thursday, the price is slightly elevated at around $624.
If the $612.50 daily support persists, the price of BNB may continue to rally and aim to retest the high of $679.90 from February 22.
The Relative Strength Index (RSI) bolsters the bullish perspective, currently reading 54, which is above its neutral level of 50, indicating positive momentum.
The Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover last week, issuing buy signals and suggesting an upward trend. Additionally, it is showing rising green histogram levels above the neutral zero mark, indicating strengthening upward momentum.
Daily Chart of BNB/USDT
Nonetheless, this bullish outlook would be contradicted if BNB falls below its daily support at $612.50 and closes beneath $576.61 (the low from March 14). Such a scenario would likely lead to a decline retesting the low of $507 from March 11.