Convergence

when

Coin

Divergence

Binance Coin (BNB) is approaching a critical price point that could influence its future direction. This comes after two consecutive days of price increases. As of September 1, BNB was dangerously close to dipping below $500.&nbsp; 
In August of this year, <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABNBUSD" target="_blank" rel="noopener">BNB’s price</a> formed an ascending channel on the daily chart, allowing the digital currency to climb from $464 to $600. Nevertheless, a subsequent 15 % decline posed a risk to this trend, with signals hinting at a possible recurrence of the price plunge observed on August 5th. 
<h3 id="span-style-font-weight-400-binance-coin-s-ascent-stalls-as-bulls-attempt-to-overcome-key-resistance-span">Binance Coin’s ascent stalls as bulls attempt to overcome key resistance</h3> 
The bulls successfully stopped the drop in value, helping Binance Coin rise to $536.40. As the price approaches the supply zone between $550 and $560, where sellers tend to outnumber buyers, surpassing this point might be challenging.&nbsp; 
In the past, entering this territory has typically led to a decrease in prices unless there is a spike in demand. It seems challenging for BNB to break through this resistance because the current level of buying interest may not be strong enough to drive prices up.&nbsp; 
<h3 id="span-style-font-weight-400-technical-indicators-suggest-that-bnb-is-approaching-key-resistance-with-caution-span">Technical indicators suggest that BNB is approaching key resistance with caution</h3> 
According to the BNB chart analysis using the Moving Average Convergence Divergence (MACD), the current market sentiment suggests a sense of wariness. The downward trend in MACD’s reading indicates that the recent surge in BNB’s value might not last long; thus, surpassing $550 could pose a hurdle that may not be overcome. 
<figure id="attachment_583041" aria-describedby="caption-attachment-583041" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class="wp-image-583041 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/09/Binance-Coin-approaches-crucial-resistance-zone-after-two-days-of-gains.png" alt="Binance Coin approaches crucial resistance zone after two days of gains" width="1414" height="771" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/09/Binance-Coin-approaches-crucial-resistance-zone-after-two-days-of-gains.png 1414w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/Binance-Coin-approaches-crucial-resistance-zone-after-two-days-of-gains-300x164.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/Binance-Coin-approaches-crucial-resistance-zone-after-two-days-of-gains-1200x654.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/09/Binance-Coin-approaches-crucial-resistance-zone-after-two-days-of-gains-768x419.png 768w" sizes="(max-width: 1414px) 100vw, 1414px">
 <figcaption id="caption-attachment-583041" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure> 
Historically, when Binance Coin fails to break above $560, the price drops below $520 and sometimes even below $500. If this pattern holds, a climb toward $600 may not be likely in the short term. The $546.30 level is also a critical point of interest, where bears may attempt to lower the price. 
If BNB fails to break through this resistance, the price could drop to $500 for the first time in almost a month. On the other hand, if the broader market recovery continues, BNB could potentially surpass the overhead resistance and aim for $589.80.

Binance Coin approaches crucial resistance zone after two days of gains

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