BNB Bulls in Control: Can the Price Reach $605?
BNB has shown strong bullish momentum this year, with a positive candlestick crossing the 100-day Simple Moving Average (SMA) on the 4-hour timeframe. Previously facing resistance at $572, the path is now clear for the bulls to aim higher towards the $605 resistance level. The question remains: can BNB sustain its upward trend and hit the new target of $605?
Technical Analysis Points to Potential $605 Target
Technical analysis indicates that BNB has crossed above the 100-day SMA on the 4-hour chart, signaling a bullish trend and increased buying momentum. The Relative Strength Index (RSI) on the 4-hour chart has also moved into the overbought zone, suggesting a shift in momentum towards further upward movement.
- Price above 100-day SMA bodes well for bullish momentum
- RSI signaling potential bullish trend with buying pressure
On the daily chart, breaking above the 100-day SMA could further support bullish momentum, with the RSI indicator reinforcing a bullish trend. A bullish engulfing candlestick formation after rejection at $572 indicates a possible trend reversal, making the $605 target achievable.
Key Levels to Watch at $605 Resistance
As BNB eyes the $605 resistance level, breaking and closing above it could signal a rally towards $635 and beyond. However, if rejection occurs at $605, a pullback towards $572 is possible, with key support levels at $553.3 and $500.
- If price breaks $605, next targets could be $635 and higher
- Failure at $605 could lead to retracement to $572 level
Currently trading around $585, BNB has seen a 2.09% increase in the past 24 hours. With a market cap over $85 billion and trading volume exceeding $1.8 billion, BNB continues to show strength in the market this year.
Hot Take: BNB Climbs towards $605 amid Bullish Momentum
BNB’s recent price movements indicate bullish strength pushing towards the $605 resistance level. Technical indicators suggest potential further upside, but key resistance and support levels must be monitored closely. The cryptocurrency market remains dynamic, and BNB’s ability to maintain its upward trend will be a key focus for traders and investors.
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