Impending BNB Price Surge? Breaking the Trendline Could Propel Value to $635
At the moment, the
value of Binance Coin (BNB)
is on the rise, showcasing a strengthening trend toward the bullish trendline. The cryptocurrency is making a second bid at passing the trendline after initially dipping below it, raising hopes among the trading community for a potential upsurge past the $635 resistance mark.
With increasing bullish sentiments for BNB, our objective here is to dissect its recent price movements and underlying technical signals to provide a clearer perspective on the possible future trajectory of BNB.
Trading currently at approximately $580, BNB has seen a 4.15% climb, achieving a market valuation in excess of $85 billion and a trade volume surpassing $1.9 billion at the time of this analysis. Over the prior day, the market cap of BNB escalated by 3.82%, whereas its trade volume experienced a 7.89% retraction.
Technical Review: Focusing on a Crucial Trendline and Possible Rally
On the 4-hour chart snapshot, BNB’s price is currently above the 100-day Simple Moving Average (SMA), eyeing an advancement to the bullish trendline. Notably, the digital asset has faced a setback after an earlier bullish thrust but is now gearing up for another test.
The Composite Trend Oscillator for the 4-hour window indicates that BNB may preserve its positive momentum toward the said trendline, signaling a possible stride to the $635 resistance. The oscillator’s signal line, alongside the SMA, remains in the overbought zone without indicating a reversal.
Assessing the daily chart, we see BNB’s price showcasing a bullish tendency as it edges closer to the 100-day SMA and the bullish trendline. Despite trading below the SMA, the building momentum could soon propel it beyond the trendline towards the favored $635 resistance.
Importantly, the signal line has surpassed the SMA and both lines are initiating an escape from the oversold environment. This pattern suggests an anticipation of continued price growth for BNB.
Prospective Developments: The Road Ahead for BNB
BNB is on a bullish quest toward the overseeing trendline. A decisive surge beyond this trendline could kickstart a rally toward the $635 resistance level. Succeeding in breaching this resistance could further energize BNB to ascend toward the $724 mark and possibly higher.
Conversely, should BNB encounter resistance and revert from the trendline, we may see a contention towards the $500 support level. A breakdown below this pivotal point may result in a further slide toward the $357 benchmark and subsequent lower thresholds.
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