Key Takeaways
- BNB’s price has gained 12% in the past 30 days and has been trading at its highest level in over three months.
- With BNB’s MVRV well below the historic overvalued range of 2.84–9.49, the altcoin may not yet be at its cycle top.
- BNB could break the psychological $700 level, with the next resistance around $718.20 and a mid-term target near $800.
BNB, the fifth-largest cryptocurrency by market cap, appears determined to hold on to its recent gains.
Over the past 30 days, BNB price has risen by 12%, reaching its highest level in more than three months.
At press time, BNB is trading 14% below its all-time high while inching closer to $700.
While some resistance may lie ahead, multiple indicators suggest the coin is not ready for a correction.
BNB Stays in Accumulation Range
According to the 4-hour chart, BNB’s price has continued to trade above key Exponential Moving Averages (EMAs).
As seen below, the altcoin’s current value is above both the 20 EMA (blue) and 50 EMA (yellow).
This position indicates a bullish trend and suggests that BNB’s price will likely extend its upswing beyond $700.
Besides that, the same chart also showed a golden cross to support the thesis.
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For context, a golden cross occurs when the shorter EMA crosses above the longer one. The opposite is a death cross, which is bearish and occurs when the longer EMA has crossed above the shorter one.
As of this writing, the 20 EMA (blue) has crossed over the 50 EMA (yellow). If this trend remains the same, BNB bulls might keep defending the support at $661.60 while aiming to break the resistance at $691.
Still Far Below Cycle Top
Outside of the technical setup, CCN also examined the Market Value to Realized Value (MVRV) ratio to assess whether BNB might be overheated or still has room to run.
According to Glassnode, BNB’s MVRV ratio stands at $1.36. Historically, BNB reaches an overvalued position when the metric is between 2.84 and. 9.49.
Since the current value is largely below this region, it indicates that BNB’s price is not yet at the market top of this cycle.
Due to this, the token might rally past its all-time high in the mid-term. But what happens in the short term?
BNB Price Analysis: $800 Coming
On the daily chart, the Awesome Oscillator (AO) has maintained its position in the positive territory. This AO position indicates bullish momentum around the cryptocurrency.
Alongside the bullish momentum, the Average Directional Index (ADX) has risen to 35.64. This reading above 25 implies that the recent uptrend is strong.
When the ADX is above this threshold, it typically confirms the strength of a price trend, whether upward or downward.
In this case, with both the AO and the ADX indicating a solid trend, BNB might be set to break above the $700 psychological level.
If the bullish structure remains intact, the next major resistance lies near $718.20, near the 0.236 Fibonacci level.
If validated, BNB’s price might try and break through $800. However, if momentum weakens and sellers outpace buyers’ dominance, this trend could change and BNB might decline to the underlying support at $595.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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