BNB Bulls Charge Toward $700 as Fed Keeps Interest Rates Unchanged

Key Takeaways

• The Fed’s decision to maintain interest rates helped BNB bounce from $600, keeping bulls in control.
• BNB trades in an ascending channel, with the BBP and MACD confirming the bullish momentum.
• A breakout above $652 could push BNB toward $729, but failure to breach resistance may pull it back.
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After a strong rebound, BNB is once again testing the $625 level, signaling the potential of trading higher. The asset has climbed 8.5% over the past week, buoyed by renewed bullish momentum.

BNB’s rally follows the Federal Open Market Committee’s (FOMC) decision to hold interest rates steady, which appears to have kept bearish pressure at bay.

With market sentiment tilting in favor of buyers, here’s a closer look at what’s next for BNB.

BNB Keeps Rising Channel

Before Wednesday’s Fed decision, BNB traded near the $600 threshold, signaling a potential drop. However, after Fed Chair Jerome Powell confirmed rates would remain between 4.25% and 4.50%, the altcoin rebounded.

At the time of writing, BNB was trading near $625, with technical indicators suggesting further upside. On the 4-hour chart, BNB was moving within an ascending channel—a pattern that emerged after the drop to $525 on March 10.

Also known as a rising channel, an ascending channel is a bullish pattern defined by two parallel upward trendlines. The upper trendline, which marks higher highs, acts as key resistance, while the lower trendline, which aligns with higher lows, serves as support.

Historically, this pattern has preceded BNB rallies above $700. A similar setup formed in early February, leading to a 20% surge that took BNB from a swing low to $717 by Feb. 13.

If history repeats, BNB could reclaim the $700 level soon.

Bulls Over Bears

In line with this thesis, the Bull Bear Power (BBP) also shows that BNB is likely to break through the overhead resistance. The BBP compared the strength of bulls (buyers) to bears (sellers).

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A positive BBP reading indicates bullish dominance, while a negative reading favors the bears.

Analyzing the chart below, the BBP remains positive, confirming that BNB bulls are mainly in control of the price movement.

BNB Price Analysis: Uptrend Confirmed

Like the setup on the 4-hour timeframe, the daily chart also aligns with an extended BNB upswing. Based on the image below, BNB’s price is looking to validate a V-shaped recovery, which could help restore almost every part of the correction it faced since declining from $730.

In addition, the Moving Average Convergence Divergence (MACD) reading has flipped above the zero line. This indicates bullish momentum.

An in-depth examination of the MACD also shows that the 12-period Exponential Moving Average (EMA)—in blue, has crossed over the 26 EMA (orange). This bullish crossover reinforces the thesis that BNB bulls might push the price higher.

The Money Flow Index (MFI), which measures buying and selling pressure, also supports the bullish case. As shown in the chart, the MFI has crossed above the midpoint, signifying increasing buying pressure.

With BNB trading above the critical 0.618 Fibonacci level, further gains are possible. If the uptrend holds, the altcoin could challenge resistance near $652.

A successful breakout may push BNB toward the 0.382 Fib level at $658, potentially paving the way for a rally to $729.

On the other hand, if BNB fails to breach the $652 resistance, this prediction might not come to pass. Instead, the cryptocurrency might face a pullback to $570 at the 0.786 Fibonacci level.