Binance Coin (BNB) has broken through the $572 resistance level, showcasing strong bullish momentum and setting its sights on a potential rise towards the $605 mark, backed by positive technical indicators.
BNB Shows Bullish Momentum as It Targets $605 Resistance Level
Binance Coin (BNB) has displayed strong bullish momentum recently, standing out with a crucial technical development: a positive candlestick crossing above the 100-day Simple Moving Average (SMA) on the 4-hour timeframe. BNB, previously facing repeated rejections at the $572 level, has broken through this resistance, providing a pathway for potential further upward movement.
Technical Indicators Suggest a Potential Rise
The crossing of the BNB price above the 100-day SMA in the 4-hour chart signifies increased buying momentum. This technical indicator suggests that as long as BNB remains above this moving average, the bullish trend may continue. The Relative Strength Index (RSI), another key technical metric, has risen above the 50% mark into the overbought zone on the 4-hour chart. This indicates increasing buying pressure, which could pave the way for the price to aim for the $605 resistance level.
Examining the daily chart, BNB is also attempting to break above the 100-day SMA. A successful cross above this important level could solidify the bullish sentiment further. The RSI on the daily chart is also trading above 50%, reinforcing the presence of stronger buying pressure compared to selling pressure. Additionally, a bullish engulfing candlestick pattern has formed following the rejection at $572, showcasing a potential trend reversal and suggesting an achievable target of $605.
Key Levels to Watch
As BNB sets its sights on the $605 resistance level, breaking and closing above this threshold could extend the rally towards the next notable resistance level at $635, with possibilities of reaching even higher levels. However, a failure to break above $605 could see the price retreating to the previous support at $572. This level could act as a stabilizing zone where the price may consolidate. However, if the $572 support fails to hold, BNB might experience a deeper correction, potentially falling to support levels around $553.3 and $500.
Current Market Performance
As of now, BNB has seen a 2.09% increase in its price, trading at approximately $585 over the past 24 hours. The cryptocurrency boasts a market capitalization exceeding $85 billion and a trading volume of over $1.8 billion, reflecting an increase of 2.09% and 3.57% respectively during the same period.
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This technical environment and current performance data provide a detailed analysis of BNB’s potential market movements and key levels to observe in the near term, while Pawfury (PAW) continues to capture the attention of both new and experienced investors in the crypto space.”
