BNP Bitcoin price has shown significant bullish momentum, with a positive candlestick crossing the 100-day simple moving average (SMA) on the 4-hour timeframe. The previous market scenario reveals that the cryptocurrency faced multiple rejections at the $572 level.
This ongoing resistance has paved the way for bulls to take over and push the price higher with the aim of reaching the $605 resistance level. With the market dynamics shifting, the main question is whether BNB can continue its current rally. Upward trend The new target was achieved at $605.
In this article, we will analyze the recent BNB price action using technical indicators to determine whether the price is able to maintain its momentum to reach $605 or drop back to $572.
Technical analysis indicates a potential rise to $605
Technical analysis reveals that BNB price has successfully crossed the 100-day simple moving average (SMA) on the 4-hours chart, indicating that Possible Uptrend and increasing buying momentum. This situation suggests that BNB price may continue to rise as long as it remains above the simple moving average.
On the 4-hour chart, the Relative Strength Index (RSI) signal line has successfully risen above 50% in the overbought zone, indicating a potential shift in momentum, suggesting that buying pressure is building and the asset could see further upward movement towards the $605.6 level.
Meanwhile, on the daily chart of BNB, the price is trying to break above the 100-day simple moving average. A successful break above this key technical level could indicate a potential upward momentumIf BNB maintains its position above the 100-day simple moving average, it could trigger a sustainable uptrend and increase investor confidence.
The RSI is also trading above the 50% level, which supports the possibility of an uptrend, indicating that buying is possible. pressure BNB price is currently stronger than the selling pressure. The daily chart of BNB price shows that a bullish engulfing candlestick was formed after the rejection at $572. This pattern shows a potential trend reversal and could make the $605 target achievable.
Key Levels to Watch When BNB Reaches $605 Resistance
BNB is on an upward trajectory, Targeting Resistance level $605. If BNB price breaks and closes above $605, it could continue rising towards the next resistance level at $635 and possibly other levels after that.
However, if the digital asset faces rejection at the $605 level and fails to break through, a potential downside move could follow, possibly a pullback to the $572 level. The $572 level could act as a major turning point. Supports The area where the price may stabilize or consolidate. However, if the $572 level fails to hold, a deeper correction to lower support ranges such as $553.3 and $500 may occur.
As of the time of writing, BNB price is up 2.09%, trading at around $585 in the past 24 hours. The cryptocurrency has a market cap of over $85 billion and a trading volume of over $1.8 billion, indicating a 2.09% and 3.57% increase, respectively, over the same period.
Featured image by Adobe Stock, chart by Tradingview.com
