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BNB Bank It found its footing at the $605 support level, sparking optimism about a potential recovery. After the recent downward pressure, the bulls appear to be regrouping, aiming to regain control and push the price higher. With key technical indicators signaling renewed buying interest, market participants are closely watching whether this support will serve as a springboard for the next BNB. pool.
As BNB shows encouraging signs of recovery, this article aims to delve into its recovery from the $605 support level and assess its ability to achieve sustainable stability. restoration. By analyzing market trends, technical indicators and key resistance We seek to determine whether BNB is positioned for a new bull run or if it still faces the risk of renewed downward pressure.
Technical indicators point to a possible recovery
On the 4-hour chart, BNB is currently showing a steady upward trajectory despite trading below the 100-day simple moving average (SMA). After bouncing strongly from the critical support level of $605, the asset is making strides to extend its gains, targeting the $635 resistance zone. A successful breakout above the 100-day simple moving average could confirm its recovery further, which could open the door for it. Higher levels.
Also, the 4-hour Relative Strength Index (RSI) has rebounded to 42% from a low of 35%, indicating a return of buying pressure and a shift towards more… rising Market sentiment. If the RSI rises and approaches 50%, it may confirm its upward move, giving BNB the strength to push higher and test resistance levels.
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BNB is showing a strong upward movement on the daily time frame, as it settles above the 100-day simple moving average after a while. recovery At the support level of $605. This provided stability, enabling the cryptocurrency to advance towards the $635 resistance level. Price action indicates growing bullish sentiment as BNB trades above key technical levels.
Moreover, the daily RSI rose above the 50% level after briefly falling below it, indicating a turn to positivity. market Feelings. As downward momentum declines, this indicates that buying pressure is stronger than selling pressure. If the RSI continues to rise, it may further support BNB’s rise and reinforce the positive trend, which could lead to a continuation of the rally, targeting higher resistance levels.
Analysis of key resistance targets for the next BNB move
After bouncing from the $605 support level, BNB is targeting the $635 resistance level, which could act as a major hurdle. If the cryptocurrency succeeds in breaking through this resistance, the next targets could be higher areas, such as the $724 level and beyond, indicating a strong uptrend. batch.
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However, if BNB Bank If the price fails to break the $635 resistance level, this could indicate a potential consolidation or reversal, with the price falling towards the $605 support level. A successful breakout below this support may lead to further declines, targeting lower support levels.
Featured image from iStock, chart from Tradingview.com