bullish

Rise

<a href="https://www.newsbtc.com/news/bnb-price-recovery-585/" target="_blank" rel="noopener ">BNB</a> 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.&nbsp; 
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 <a href="https://www.newsbtc.com/news/bnb-breaks-out-of-consolidation-zone-uptrend-persist/" target="_blank" rel="noopener ">upward trend</a> and hit the new target of $605.&nbsp; 
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. 
<h2 id="strong-technical-analysis-indicates-potential-rise-to-605-strong">Technical Analysis Indicates Potential Rise To $605&nbsp;</h2> 
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 <a href="https://www.newsbtc.com/news/bnb-price-limbo-560/" target="_blank" rel="noopener ">potential</a> bullish trend and increased buying momentum. This position indicates that BNB’s price could continue rising as long as it remains above the SMA. 
<img loading="lazy" decoding="async" class="size-large wp-image-632479" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=860&amp;resize=860%2C382" alt="BNB" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
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.&nbsp; 
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 <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-struggles-585/" target="_blank" rel="noopener ">bullish momentum</a>. If BNB maintains its position above the 100-day SMA, it might trigger a sustained uptrend and greater investor confidence.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-632480" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=860&amp;resize=860%2C382" alt="BNB" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=1080 1080w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-31-at-9.44.18-AM-1.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Also, the RSI indicator is trading above 50%, further supporting the possibility of a bullish trend, indicating that buying <a href="https://www.newsbtc.com/news/bnb-price-faces-test-600/" target="_blank" rel="noopener ">pressure</a> 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. 
<h2 id="strong-key-levels-to-observe-when-bnb-reaches-605-resistance-strong">Key Levels To Observe When BNB Reaches $605 Resistance&nbsp;</h2> 
BNB is on a bullish trajectory, <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-targeting-600/" target="_blank" rel="noopener ">targeting</a> 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 <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-steadies-500/" target="_blank" rel="noopener ">support</a> zone, where the price may stabilize or consolidate.&nbsp; 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. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/JqCuJHRb/" alt="BNB" width="2283" height="1351">

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

Table of Contents

NewsBTC

Andre artikler udgivet 31. jul. 2024

Prediksi Bullish Cardano: Harga ADA Siap Menuju US$1

LogX: The Next-Gen Multi-Chain Perpetual DEX

ONDO Price Gears Up for $1.5 Rally as On-Chain Recovery Gains Steam

Winners From BNB Incubation Alliance (BIA) in Nashville Announced (31 Jul)

Unveiling Irys Layer 1 Datachain: Revolutionizing Blockchain Data Infrastructure

Floki’s Valhalla Joins as Associate Sponsors for India’s Tour of Sri Lanka

Join our free newsletter for daily crypto updates!