Binance Coin (BNB) Price Primmed to Crack Above the $680 Zone

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Binance Coin (BNB) has been trapped in a stagnation phase across the board above the $600 handle, while the 200-period simple moving average at the H4 chart remains solid. Such an indicator provides dynamic support as the price keeps following a bullish construction.

The lows from November are the line in the sand for the bears in the short term, as BNB is looking to gather momentum to break above the critical resistance area of $660.

Buyers Keep Catching Bids Above $600

Once the cryptocurrency consolidates above that area, bulls could strengthen further, and eventually, doors will open to allow a leg higher towards the $680.50 zone. That scenario will also boost buyers’ interest in pushing the BNB price higher, aiming to look for the $780 level.

The short-term picture still signals an upwards sentiment for the altcoin that continues forming a series of higher high and higher low patterns.

That said, the $800 level is a critical target that buyers could catch at any time soon once the $680 level gets cleared out.

BNB/USD: RSI Remains In Bullish Territory – Source: FXEMPIRE

On the other hand, bears can gather strength when Binance Coin looks for a breakout below the $580 level, which could open the doors for a decline towards the $560 level.

Negative Bias Below $520

If such an area gives up in favor of the sellers, BNB’s bearish structure could extend further towards November’s lows around $520, followed by the $480 level, materializing a death crossover with the 50-period simple moving average.

Moreover, suppose the RSI indicator starts treading the negative waters below the 50 level. In that case, sellers could gather momentum, and eventually, a plummeting towards the $440 level in the mid-term could be on the cards for Binance Coin.

While the $520 level holds in the short term, the bullish perspective will remain untouched, and the bulls could remain the favorites for any crypto traders ahead of the year-end.

Source: https://www.fxempire.com

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