The recent price action shows that BNB has broken through a significant barrier, breaking above the 100-day simple moving average (SMA), signaling new bullish momentum. With this break, BNB bulls are focusing their attention on the $605 resistance level as market sentiment strengthens for further upside potential. The move above the 100-day SMA has sparked optimism, and suggests a continued rally is possible as BNB looks to capitalize on this momentum and break above key price targets.
The purpose of this analysis is to highlight BNB’s recent surge above its 100-day simple moving average (SMA) and assess the likelihood of a sustained positive move towards the $605 resistance level. By examining the current market dynamics and technical signals, this analysis aims to provide insight into whether BNB can maintain its upward momentum and achieve a significant breakout in the coming sessions.
Rally Strength: BNB Surge Above 100-Day SMA Analysis
On the 4-hour chart, BNB has continued to show positive momentum after successfully breaking above the 100-day simple moving average (SMA). This major breach not only triggered a change in market sentiment, but also set the stage for a bullish trajectory as BNB rose to the $605 mark. BNB’s ability to hold above this key technical level reflects growing confidence among traders, suggesting that the uptrend could continue.
Also, the Relative Strength Index (RSI) on the 4-hour chart has crossed the 50% threshold and is currently at 69%. This upward movement in the RSI indicates that the bulls are firmly in control as the index approaches the overbought zone. If the selling pressure continues to be suppressed, the BNB price is likely to rise in the long term, which foreshadows a strong bullish trend ahead.
On the daily chart, BNB is continuing its uptrend towards the $605 resistance level while trading above the 100-day simple moving average (SMA). The price has printed several candlesticks above this key indicator, highlighting the strong buying pressure from investors and indicating solid sentiment towards the continued growth potential of BNB.
Finally, if we look closely at the formation of the 1-day RSI on the 1-day chart, we can see that BNB could continue its bullish trend towards the $605 resistance level as the indicator’s signal line rises above 50% and currently attempts to move towards the 70% limit.
What’s Next for BNB as Resistance Approaches?
With strong buying interest and positive market sentiment, BNB is gearing up to reach the $605 resistance level. If BNB breaks this point, it can target the $635 resistance zone and take more profits.
However, if momentum wavers and fails to break above this level, the altcoin could fall back to the $537 support. A drop below this support could lead to further declines, with the price likely to test 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 cap was around $84 billion, and the trading volume was over $1.9 million, up 3.05% and 9.81%, respectively.