Currently, BNB price is trying to make an upward momentum move towards the ascending trend line. This upward move, which is the second attempt by the crypto asset after a successful break below the trend line, is generating optimism among traders and investors alike that a break above this line could ignite a potential bullish wave towards the $635 resistance level.
As BNB sentiment continues to rise, this article aims to analyze its current price movements and technical indicators that point to sustainable growth to provide readers with sufficient insight into BNB’s potential future moves.
BNB price is currently trading at around $580, up 4.15% with a market cap of over $85 billion and a trading volume of over $1.9 billion at the time of writing. In the last 24 hours, there has been a 3.82% increase in BNB’s market cap and a 7.89% decrease in its trading volume.
Technical Analysis: Main Trend Line and Potential Rise in Focus
Currently, BNB price on the 4-hours chart is trading above the 100-day simple moving average (SMA), trying to move upwards towards the ascending trend line. It can also be noted here that the cryptocurrency price previously tried to move on the ascending trend line but was fascinated by the pullback, which rose again to retest.
The 4-hour Composite Trend Indicator also suggests that the crypto asset may maintain its positive sentiment towards the bullish trend line and target the $635 resistance level as the indicator’s signal line and simple moving average are still trending in the overbought zone and no crossover attempt has been made.
On the daily chart, BNB price is bullish and trying to move towards the 100-day simple moving average and the ascending trend line. Although the cryptocurrency is still trading below the 100-day simple moving average, with the momentum the price is gaining, it is likely to break above the trend line and continue rising towards the $635 resistance level.
Finally, we can see that the signal line has crossed above the simple moving average of the indicator and both are trying to get out of the oversold zone. With this formation, we can suggest that BNB may see further price growth.
Future Predictions: What’s Next for BNB?
BNB is currently trying to make an upward move towards the ascending trend line. If the crypto asset breaks the ascending trend line, it could start a rise towards the $635 resistance level. A break above this level could lead to a further upward move for BNB to test the $724 resistance level and other lower levels.
However, if BNB price fails to break the uptrend line and starts declining again, it will start moving towards the $500 support level. It may experience further decline towards the $357 support level and other lower levels if a break below the $500 support point occurs.
