In simpler terms, the cost of BNB hasn’t dipped below its past minimum, and it’s exhibiting robust indications of climbing up again. After a stretch of declining, Binance Smart Chain’s native token intends to rebound upward and approach its earlier peak.
Technical Indicators Point Toward Sustained Uptrend For BNB
One simple way to determine the potential direction of BNB‘s price is by analyzing its chart using various indicators.
From a 4-hour perspective, the MACD indicator shows a bullish signal: The MACD histograms sit above the zero line, while both the MACD line and the Signal line are on their way to intersect at the MACD zero line. This suggests an upward trend, as illustrated in the provided image.
On the 4-hour chart, the RSI’s development shown below implies a rising trend since the RSI signal line sits comfortably above the 50% mark. This signifies that purchasing activity remains robust, outweighing the selling pressure in the market.
From a four-hour perspective, the alligator indicator indicates that BNB‘s price has climbed above its moving averages (lip and teeth) which have in turn crossed over the longer moving average (jaw). This occurrence could signal the beginning of an uptrend for BNB.
Currently, as I pen this down, BNB‘s price had risen by 1.35% to approximately $561 within the previous 24 hours. The bullish trend of BNB is evident, with it forming a foundation above the $508.1 mark of support. Moreover, the price is hovering above the bearish trendline but beneath the 100 Simple Moving Average (SMA) on the 4-hour chart.
Final Thoughts
After experiencing a decline in price, BNB has established significant resistance at $635 and support at $508 as a result. At present, BNB is advancing towards the resistance level. Should it surpass this barrier, there’s a strong possibility that new heights will be reached.
If the price is unable to rise above this significant barrier as an alternative, it will instead fall and head back towards its earlier support. Should the price drop below this support, it could potentially trigger a continued decline, initiating a new downtrend.
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2024-04-20 22:39