As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I have seen trends come and go like waves crashing against the shore. The recent bullish momentum demonstrated by BNB is reminiscent of a powerful tide pushing towards the $605 resistance level.
Binance Coin (BNB) is showing strong signs of rising prices, as a bullish trend has emerged with the chart pattern crossing above its 100-day moving average on the 4-hour scale. However, it’s worth noting that BNB has been rejected several times at the $572 price level in the past market conditions.
This persistent resistance has cleared a path for the bulls to take charge and drive the price higher aiming at the $605 resistance level. As market dynamics shift, the key question is whether BNB can continue its current upward trend and hit the new target of $605.
As a researcher delving into the latest financial trends, I’m about to examine the fluctuation patterns in BNB prices employing technical indicators. My aim is to ascertain if this upward trend has enough force to propel the price towards $605 or if it may revert back to $572 instead.
Technical Analysis Indicates Potential Rise To $605
Analysis of technical data suggests that Binance Coin’s (BNB) price has surpassed its 100-day Simple Moving Average (SMA) on the 4-hour chart, implying a possible upward trend and growing buying pressure. This development suggests BNB’s price might keep climbing as long as it stays above the SMA.
On the 4-hour chart, the Relative Strength Indicator (RSI) has climbed above 50%, venturing into the overbought area, indicating a possible shift in direction. This suggests that buying pressure could be intensifying, potentially causing the asset to move upward and approach the $605.6 level.
Currently on the daily chart for BNB, there’s an effort to surpass the 100-day Simple Moving Average (SMA). If this breakout is successful, it could indicate growing bullish sentiment. Keeping above the 100-day SMA might initiate a lasting uptrend and enhance investor trust.
In addition, the Relative Strength Index (RSI) is currently above 50%, suggesting a stronger buying pressure than selling pressure, which might indicate a bullish trend. Looking at BNB‘s one-day chart, we can see a bullish engulfing candlestick has emerged after being rejected at $572. This pattern hints at a possible trend reversal and could potentially enable the price to reach $605.
Key Levels To Observe When BNB Reaches $605 Resistance
Binance Coin (BNB) is heading upward, aiming to surpass the resistance at around $605. If BNB manages to break through and stay above this $605 mark, it could potentially push further upwards towards the next potential resistance at $635, with possible additional targets beyond that point.
Even if the digital asset doesn’t manage to surpass $605 and is instead rejected, there’s a chance it might start falling, potentially reaching $572. This level could serve as a significant support area where the price might pause or group together. But, if $572 isn’t strong enough to hold, we might see a more substantial correction, potentially dropping to levels like $553.3 and $500.
Currently, at the time this text was written, BNB‘s price has gone up by 2.09%, reaching around $585 in the last 24 hours. This digital currency currently has a market capitalization over $85 billion and a trading volume more than $1.8 billion, which represents an increase of 2.09% and 3.57% respectively within that timeframe.
Read More
Sorry. No data so far.
2024-07-31 16:35