BNB showed significant bullish momentum, with a positive candlestick crossing the 100-day elementary moving average (SMA) on the 4-hour time frame. The previous market scenario shows the digital currency facing multiple rejections at the $572 level.
This persistent resistance has paved the way for bulls to take control and push the price higher, targeting the $605 resistance level. With the change in market dynamics, the key question is whether BNB can continue its current rising trend and reached a modern target of $605.
In this article, we will analyze the recent price movements of BNB using technical indicators to determine whether the price will be able to maintain its momentum and reach the $605 level or whether it will fall back to $572.
Technical analysis indicates a potential enhance to $605
Technical analysis reveals that BNB price has successfully crossed above the 100-day elementary moving average (SMA) on the 4-hour chart, which indicates potential uptrend and increased buying momentum. This entry indicates that BNB price may continue to rise as long as it remains above the SMA.
On the 4-hour chart, the Relative Strength Index (RSI) signal line has crossed the 50% level, entering the overbought zone, which signals a potential change in momentum. This suggests that buying pressure is increasing and the asset could see further upside towards the $605.6 level.
Meanwhile, on the daily BNB chart, the price is trying to break above the 100-day SMA. A successful break above this key technical level could signal potential bullish momentumIf BNB maintains its position above the 100-day SMA, it could trigger a sustained uptrend and greater investor confidence.
In addition, the RSI indicator remains above 50%, which further confirms the possibility of an upward trend and indicates the need to buy pressure is currently stronger than the selling pressure. The one-day BNB chart shows that a bullish engulfing candle has formed after the rejection at $572. This pattern shows a potential trend change and could make the $605 target reachable.
Key Levels to Watch as BNB Hits $605 Resistance
BNB is on a growth path, aiming $605 resistance level. If BNB price breaks and closes above the $605 level, it could continue its rally towards the next resistance level at $635 and possibly other levels as well.
Nevertheless, if the digital asset is rejected at $605 and fails to break through this value, a potential move down could occur, possibly to $572. The $572 level could be key support a zone where the price could stabilize or consolidate. However, if $572 does not hold, a deeper correction to lower support ranges such as $553.3 and $500 could occur.
At the time of writing, BNB is up 2.09%, trading at around $585 over the past 24 hours. The cryptocurrency boasts a market capitalization of over $85 billion and a trading volume of over $1.8 billion, up 2.09% and 3.57% respectively over the same period.
Featured image from Adobe Stock, chart from Tradingview.com
