BNB Price Prediction: Will It Retest $650?

Highlights

• BNB price approaches a critical breakout point, signaling upward momentum.
• Whale accumulation suggests strategic positioning, supporting a positive outlook.
• Market sentiment and Bitcoin’s performance are crucial for BNB’s trajectory toward $650.

BNB Price Indicates a Market Rebound

After a recent correction, BNB price shows signs of recovery as bulls regain momentum. The ongoing rally is approaching the neckline of a rounding bottom pattern, indicating a possible bullish breakout. If successful, this breakout could propel BNB toward the $650 mark in the near term. However, market sentiment will play a critical role in shaping the price trajectory as it nears this target.

BNB Price Eyes 11% Gain Amid Market Moves

The top altcoin is nearing a pivotal point, with both bullish and bearish scenarios at play. Following a peak of $640 in March, BNB has fluctuated significantly. An ascending triangle pattern has emerged, indicating potential consolidation and a continuation of the uptrend that began last October.

After reaching a yearly high of $720 in early June, BNB retraced to the ascending support level at $610. Currently, the price hovers below $600, signaling possible upward momentum. The upcoming breakout direction will likely determine the dominant trend, establishing a path for either continued rally or potential downturn.

How High is BNB’s Potential for Recovery?

As of now, BNB price is trading at $577, reflecting a slight decline of 0.20% in the past 24 hours. The day’s trading range shows a low of $573.98 and a high of $585.97. Despite these fluctuations, BNB remains significantly below its all-time high of $720.67, recorded on June 6, 2024, representing a 19.12% decrease.

Recent price movements demonstrate high market volatility, with BNB surging by 5% over the past week and 12% monthly. The coin could surge toward the $600 resistance level if demand continues. Breaking through this barrier may open the path toward $620, with further advances targeting the $650 mark, representing an 11% potential increase.

Whale Accumulation Patterns

The MACD indicator presents mixed signals; while the MACD line has crossed above the signal line, suggesting recent bullish momentum, the histogram indicates weakening buying pressure. This suggests that while the price trend appears positive, it may be nearing a reversal.

Whales have increased their stablecoin holdings, indicating potential accumulation patterns among large holders. The significant rise in whale-held stablecoins since late August aligns with a gradual rebound in BNB’s price, hinting at bullish sentiment as whales prepare for market movements. This consistent increase in whale-held stablecoins suggests readiness for strategic positions, contributing to a positive outlook for BNB.

Conclusion

The BNB price outlook remains promising but hinges on breaking through resistance barriers. If whale accumulation continues and Bitcoin maintains its strength, BNB could push toward the $650 target, potentially reigniting bullish momentum in the weeks ahead.