BNB showed significant bullish momentum, with a positive candle crossing the 100-day simple moving average (SMA) on the 4-hour time frame. The previous market scenario shows that the digital currency faced multiple rejections at $572.
This persistent resistance has cleared the way for the bulls to take control and push the price higher, targeting the $605 resistance level. As the market dynamics change, the key question is whether BNB can continue its current upward trend and reached a new target of $605.
In this article, we will analyze the recent BNB price movements using technical indicators to determine whether the price can maintain momentum and reach $605 or decline to $572.
Technical analysis points to potential growth to $605
Technical analysis shows that BNB price has successfully crossed the 100-day simple moving average (SMA) on the 4-hour chart, indicating potential Bullish trend and increased buying momentum. This position indicates that the BNB price can continue to rise as long as it remains above the SMA.
On the 4-hour chart, the Relative Strength Index (RSI) signal line has successfully moved above 50% into the overbought zone, signaling a potential change in momentum, which suggests increased buying pressure and the possibility of further upward movement of the asset towards the $605.6 level.
Meanwhile, on the daily chart of BNB, the price is trying to break above the 100-day SMA. A successful cross above this key technical level could signal a potential bullish momentumIf BNB maintains its position above the 100-day SMA, it could trigger a sustainable uptrend and greater investor confidence.
In addition, the RSI indicator is trading above 50%, which further confirms the possibility of a bullish trend and indicates that buying pressure is currently under stronger selling pressure. The daily chart of BNB shows that a bullish engulfing candle has formed after the bounce at $572. This pattern shows a potential trend reversal and could make the $605 target achievable.
Key Levels to Watch as BNB Reaches $605 Resistance
BNB is on an upward trajectory, targeting resistance level $605. If the BNB price breaks and closes above the $605 level, it may continue its rise to the next resistance level $635 and possibly other levels above.
However, if the digital asset encounters rejection at $605 and fails to break above it, a potential downside move could follow, possibly retracing to $572. The $572 level could be key support zone where the price may stabilize or consolidate. However, if $572 fails to hold, a deeper correction to lower support ranges such as $553.3 and $500 may occur.
At the time of writing, the BNB price has risen by 2.09%, trading at around $585 in the last 24 hours. The cryptocurrency boasts a market cap of over $85 billion and a trading volume of over $1.8 billion, indicating gains of 2.09% and 3.57%, respectively, over the same period.
