Recent price action has seen BNB break above a critical barrier, breaking above the 100-day uncomplicated moving average (SMA) and signaling renewed bullish momentum. With this breakout, BNB bulls are setting their sights on the $605 resistance level as market sentiment solidifies around the potential for further gains. The move above the 100-day SMA has sparked optimism, suggesting the potential for a sustained rally as BNB looks to build on this momentum and break above key price targets.
The purpose of this analysis is to highlight BNB’s recent rally above the 100-day Basic Moving Average (SMA) and assess the potential for further positive movement towards the $605 resistance level. By examining the current market dynamics and technical signals, this analysis aims to provide insight into whether BNB can sustain its bullish momentum and achieve a significant breakout in the upcoming sessions.
Rallying Strength: BNB Rallying Above 100-Day SMA
On the 4-hour chart, BNB has shown continued positive momentum after successfully breaking above the 100-day uncomplicated moving average (SMA). This significant breakout not only triggered a change in market sentiment but also set the stage for a bullish trajectory as BNB climbs towards $605. BNB’s ability to hold above this key technical level reflects growing confidence among traders, suggesting that the uptrend could continue.
Additionally, the Relative Strength Index (RSI) on the 4-hour chart has risen above the 50% mark, currently at 69%. This upward move in the RSI indicates that bulls are firmly in control as the indicator is approaching overbought territory. If the selling pressure remains subdued, there is the potential for a prolonged rally in BNB, signaling a robust uptrend.
On the daily chart, BNB maintains an uptrend towards the $605 resistance level, trading above the 100-day uncomplicated moving average (SMA). The price has printed multiple candles above this key indicator, highlighting robust buying pressure from investors and indicating solid sentiment in BNB’s potential for further growth.
Finally, on the 1-day chart, a careful analysis of the 1-day RSI formation reveals that BNB may maintain its uptrend towards the resistance at $605, as the indicator’s signal line has risen above 50% and is currently trying to reach the 70% threshold.
What’s next for BNB as resistance calls
With robust buying interest and positive market sentiment, BNB is gearing up to hit the $605 resistance level. If BNB breaks above this point, it could lead to more gains, targeting the $635 resistance zone and beyond.
However, the altcoin could face a pullback towards the $537 support level if the momentum weakens and fails to break above that level. A break below that support could lead to further declines, with the price potentially testing the $500 support range and other lower levels.
At the time of writing, BNB was trading at around $575, up 3.05% over the past day. The market capitalization was around $84 billion, and the trading volume was over $1.9 million, up 3.05% and 9.81% respectively.
