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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

BNB Eyes $605 After Breaking Key Resistance: Can The Bulls Maintain Momentum?

Godspower Owie
Godspower Owie
11 months ago
3 mins read
BNB

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BNB has demonstrated significant bullish momentum, with a positive candlestick crossing the 100-day Simple Moving Average (SMA) in the 4-hour timeframe. The previous market scenario reveals that the digital currency has faced multiple rejections at the $572 level. 

This persistent resistance has cleared a path for the bulls to take charge and drive the price higher aiming at the $605 resistance level. As market dynamics shift, the key question is whether BNB can continue its current upward trend and hit the new target of $605. 

In this article, we will analyze the recent price movements of BNB using technical indicators to determine whether the price can sustain its momentum to reach $605 or decline back to $572.

Technical Analysis Indicates Potential Rise To $605 

Technical analysis reveals that the price of BNB has successfully crossed above the 100-day Simple Moving Average (SMA) on the 4-hour chart, indicating a potential bullish trend and increased buying momentum. This position indicates that BNB’s price could continue rising as long as it remains above the SMA.

BNB
Source: BNBUSDT on Tradingview.com

On the 4-hour chart, the Relative Strength Index (RSI) signal line has successfully risen above 50% into the overbought zone, signaling a potential shift in momentum, which suggests that buying pressure is increasing and the asset might experience further upward movement towards the $605.6 level. 

Meanwhile, on the daily chart of BNB, the price is attempting to break above the 100-day SMA. A successful cross above this key technical level could signal potential bullish momentum. If BNB maintains its position above the 100-day SMA, it might trigger a sustained uptrend and greater investor confidence. 

BNB
Source: BNBUSDT on Tradingview.com

Also, the RSI indicator is trading above 50%, further supporting the possibility of a bullish trend, indicating that buying pressure is currently stronger than selling pressure. BNB’s 1-day chart shows that a bullish engulfing candlestick has formed following the rejection at $572. This pattern demonstrates a potential trend reversal and could make the $605 target achievable.

Key Levels To Observe When BNB Reaches $605 Resistance 

BNB is on a bullish trajectory, targeting the $605 resistance level. If the price of BNB breaks and closes above the $605 level, it may continue its rally toward the next resistance level at $635 and possibly other levels beyond.

Nonetheless, should the digital asset face rejection at $605 and fail to break above it, a potential downward move could follow, possibly retreating to $572. The $572 level could act as a key support zone, where the price may stabilize or consolidate.  However, if $572 fails to hold, a deeper correction could occur to lower support ranges such as $553.3 and $500.

As of the time of writing, BNB’s price has risen by 2.09%, trading at approximately $585 in the past 24 hours. The cryptocurrency boasts a market capitalization exceeding $85 billion and a trading volume surpassing $1.8 billion, indicating an increase of 2.09% and 3.57% respectively over the same period.

BNB
BNB trading at $587 on the 1D chart | Source: BNBUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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