As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and trend shifts. The current price action of Binance Coin (BNB) has certainly piqued my interest. After a successful break below the trendline, BNB is now attempting a bullish momentum movement toward it once again. This second attempt is causing excitement among traders and investors alike, as a potential rally towards the $635 resistance mark could be on the horizon.
Recently, the cost of BNB has been making a push higher with the hope of resuming an uptrend, marking the second attempt since breaking below the trendline. This bullish action is generating excitement among traders and investors, as they anticipate a breach above the trendline could trigger a significant surge toward the $635 resistance level.
In this piece, we’ll delve into the growing optimism surrounding Binance Coin (BNB) and examine its recent price trends and key technical signals that suggest prolonged expansion, offering valuable perspectives on potential future developments for BNB investors.
As a crypto investor, I’m observing that BNB‘s price is hovering around $580 at the moment, representing a 4.15% gain. The market capitalization of BNB has surpassed $85 billion, while its trading volume stands at over $1.9 billion. In the previous 24 hours, we’ve witnessed a noteworthy increase of 3.82% in BNB’s market cap and a decline of 7.89% in its trading volume.
Technical Analysis: Key Trendline And A Potential Rally In Focus
The current price of BNB on the 4-hour chart hovers above its 100-day Simple Moving Average (SMA), signaling an upward trend. Notably, this price action represents an attempt by BNB to advance toward the bullish trendline. It’s worth mentioning that the crypto asset has previously attempted a breakthrough at the trendline but experienced a pullback, only to regain momentum and try again for a retest.
Based on my expertise, the 4-hour Composite Trend Oscillator indicates that the crypto asset could continue its bullish momentum and reach the $635 resistance level. The reason being is that both the signal line and the Simple Moving Average (SMA) of this indicator are currently in the overbought zone, meaning the asset has been gaining more than average over a certain period. No crossover event, which would indicate a potential trend reversal, has occurred yet.
The 1-day chart indicates a bullish trend for BNB‘s price, which is aiming to surpass the 100-day Simple Moving Average (SMA) and the ascending trendline. Despite trading below the 100-day SMA presently, the developing momentum could lead to a breach above the trendline, resulting in further growth towards the $635 resistance point.
After observing the chart closely, it’s noticeable that the signal line has risen above the Simple Moving Average (SMA) line on the indicator. This crossover indicates a potential shift in trend and could suggest that Binance Coin (BNB) is attempting to break out of the oversold territory. Consequently, there’s a possibility for BNB prices to increase further with this pattern.
Future Outlook: What Lies Beyond For BNB?
As a crypto investor, I’m observing BNB‘s price action closely. Right now, it’s making an effort to push higher and reach the bullish trendline. However, if this digital asset fails to hold above the trendline, it could lead to a rally toward the $635 resistance level. Breaking above that level might then set off a more significant bullish trend, potentially pushing BNB up to test the $724 resistance and even lower resistance levels.
If BNB‘s price doesn’t manage to surpass the bullish trendline and instead starts falling, it will head towards the $500 support. A more significant decline could ensue, pushing it down to the $357 support level and potentially even lower if the $500 support is broken.
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2024-07-17 14:10