Despite its most recent consolidation phase, the Binance coin has a key surge in the works, as BNB could eye a trip to heights of $645. Indeed, the token is showing a the likelihood of a bullish switch is increasing. Moreover, that has taken place despite the market being uncertain in which direction the asset could be headed.
A bullish divergence could be forming based on what is being shown through a critical technical indicator. Now, the market is increasingly anticipating a 15% surge for BNB in the short term. Thereafter, positive sentiments could mean a massive increase for the token in the medium term.
Source – Binance
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BNB Coin To $640? Indicator’s Show a Key Surge Awaits Binance
It has been a rather uneventful few weeks for BNB. Over the last 30 days, the token has increased more than 3%, according to CoinMarketCap. Moreover, the last seven days have only seen the token increase 7% to trade at its current price of $547. Yet, that could be set to change sooner rather than later.
Binance could be set to surge, with BNB likely to create a clear pathway to the $645 level. Specifically, the asset is looking to break through the $560 support that has been present for more than 10 days. Now, one indicator is showing a potential bullish divergence in the works.
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The Chaikin Money Flow (CMF) indicator measures money that is flowing both in and out of a specific crypto. For BNB, that metric has shifted bullish. Specifically, a bullish divergence has formed because a consolidation phase has been met with a rising CMF. More importantly, it usually shows buying pressure has increased while the price has not moved.
This could mean that BNB is being acquired by ‘Smart Money.’ Moreover, investors are anticipating a breakthrough from its current level. Therefore, the accumulation has occurred while these traders await the consolidation to finally end.
If the token is able to break through the September $560 support, it will find its next resistance at $598. That would be crucial, as it’s been in place since July. Breaking through that level would be the last obstacle to notable gains. Specifically, the token could then target $645, a price it hasn’t reached in three months.
