What to know:
- BNB is retesting a key demand zone that has historically triggered strong bullish reversals.
- MACD shows continued downward momentum, though weakening histogram signals suggest fading selling pressure.
- Analysts see a potential bullish recovery if BNB holds support, with upside near $1,300.
Binance Coin (BNB) is testing a key demand zone that may support a bullish recovery if buyers step in. However, momentum remains weak for the Binance Coin price after a recent decline, and technical indicators still show downward pressure. A rebound depends on holding support, while failure could extend consolidation.
At the time of writing, BNB is trading at $587.82 with a 24-hour trading volume of $747.8 million and a market capitalization of $79.22 billion. Despite the signs of stability over the last 24 hours, the Binance Coin price structure points to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Binance Coin price Eyes 1,200% Rally After Confirming Multi-Year Breakout
Binance Coin Price Setup Signals Move to $1,300
Furthermore, the crypto analyst Kamran Asghar revealed that the Binance Coin price is once again retesting a key demand zone that has historically triggered strong bullish reversals.
This area has repeatedly attracted buyers during prior market cycles, making it a closely watched support level. Holding above it would suggest renewed accumulation and improved market structure after recent price pressure.
Source: Kamran Asghar’s X Post
In case of the stability of this demand area, there is an expectation of the resumption of a positive trend that would allow reaching higher levels.
In case of successful recovery, the way would be opened for the Binance Coin price to return into the psychologically important four digits, with $1,300 being a probable target on the upside. However, in case of failure to defend this level, the entire setup may be ruined.
MACD Bearish Crossover Signals Downward Pressure
According to TradingView, the Binance Coin price is highly volatile on the D1 timeframe. Having reached its highest point of about $740.00 at the beginning of June, the Binance Coin price made a sharp drop.
The current level of the asset is $588.06, which is trading below the 20-day simple moving average of $599.82 and below the higher red zone.
Source: TradingView
MACD made it apparent that there is an obvious downward trend in the momentum. The blue line fell to -13.46 following a very bearish crossover in June and is clearly below the orange line.
Although the declining bars on the histogram suggest that the selling pressure might start reducing, the lines remain below zero, indicating no bull market reversal yet.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Binance Coin Price Retests Key Support as Analysts Eye Rally Toward $1,000
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