Binance Coin (BNB) is showing signs of recovery after a period of bearish momentum. The altcoin has made an attempt to break through key resistance levels, which, if successful, could trigger a rally in the coming weeks. 

Improving broader market conditions further supports BNB’s potential upward movement.  

BNB Might Follow Bitcoin’s Price Pattern

BNB shares a strong correlation of 0.90 with Bitcoin, indicating that the altcoin often moves in tandem with the crypto king. Given Bitcoin’s attempt to reclaim the $100,000 support level, this correlation could work in BNB’s favor, boosting its chances of a sustained rally.  

If Bitcoin manages to hold above $100,000, BNB could see increased buying pressure. A strengthening BTC price historically leads to positive spillover effects for correlated assets. This trend could help BNB solidify its recovery and push toward higher resistance levels in the near future.  

The Moving Average Convergence Divergence (MACD) indicator suggests that bearish momentum is fading. The MACD line is nearing a bullish crossover, a technical signal that could indicate a shift from bearish to bullish momentum.  

If the crossover occurs, it would mark the first time in nearly a month that BNB transitions to a bullish trend. This development could attract fresh buying interest, further supporting the altcoin’s upward trajectory and reinforcing market confidence.  

BNB Price Prediction: Aiming For Recovery

BNB has surged by 7% over the past 24 hours, successfully breaking through the resistance

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Author: Aaryamann Shrivastava

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