- BNB holds strong above $630 support, signaling sustained bullish momentum.
- Breaking $640 resistance could push BNB toward the $645-$650 price range.
- RSI and MACD indicate increasing buying pressure, supporting further gains.
Binance Coin (BNB) has been experiencing a steady upward momentum, reflecting positive market sentiment. As of March 18, BNB is priced at $635.52, marking a 0.84% increase within a day.
The market capitalization has also risen to $90.54 billion, while the 24-hour trading volume saw a significant surge of 27.75%, reaching $2.33 billion. This price movement indicates growing interest from traders and investors, setting the stage for a crucial price prediction for March 19.
Key Support and Resistance Levels
BNB’s price action has shown resilience at various support and resistance levels. The critical support level of $630.25 has held firm, with multiple rebounds observed from this point. If the price sustains above this level, it may fuel further bullish momentum.
Additionally, the $625 support level has historically attracted buying interest, preventing deeper declines. A stronger support level at $620 serves as a psychological barrier, and if broken, it may lead to increased selling pressure.
On the resistance front, BNB has faced hurdles at $640. The price has tested this level multiple times but struggled to maintain a breakout. Should the price move beyond $640, the next resistance lies between $645 and $650, which could act as a strong barrier before any further upward rally. If momentum remains intact, breaking this zone could open the door for even higher price targets.
Technical Indicators Point to Bullish Momentum
Examining key technical indicators, the Relative Strength Index (RSI) currently stands at 56.93. This places it in the neutral zone (40-60), indicating neither overbought nor oversold conditions. However, the RSI is trending upwards, suggesting growing buying pressure. If it crosses 60, it may signal a stronger bullish trend, attracting more buyers into the market.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is showing promising signs. The MACD line at 8.9 has crossed above the signal line, which is at -3.5. This crossover suggests a potential bullish shift in momentum. Additionally, the histogram has moved up to -12.4, reflecting increasing buying interest. If this trend continues, it could reinforce further gains in BNB’s price.
