17 July 2024
Currently, the price of BNB has been attempting a bullish momentum movement toward the bullish trendline. This bullish move which is the second attempt the crypto asset is making after a successful break below the trendline is sparking up optimism among traders and investors alike that a break above could ignite a potential rally toward the $635 resistance mark.
As BNB’s bullish sentiment continues to build, this article aims to analyze its current price actions and technical indicators pointing toward sustained growth to provide readers with adequate insight into BNB’s potential future actions.
BNB’s price is currently trading at around $580, up by 4.15% with a market capitalization of over $85 billion and a trading volume of over $1 9 billion as of the time of writing. In the last 24 hours, there has been a 24-hour increase of %3.82 in BNB’s market capitalization and a 7.89% decrease in its trading volume.
Technical Analysis: Key Trendline And A Potential Rally In Focus
Currently, the price of BNB on the 4-hour chart is trading above the 100-day Simple Moving Average (SMA), attempting an upward move toward the bullish trendline. It can also be observed here that the price of the crypto asset has previously attempted a move on the bullish trendline but enchanters a pullback, which has risen again for a retest.
The 4-hour Composite Trend Oscillator also suggests that the crypto asset may potentially sustain its positive sentiment toward the bullish trendline and aim for the $635 resistance level as the signal line and the SMA of the indicator are still trending in the overbought zone and no cross-over attempt has been made.
On the 1-day chart, the price of BNB is bullish and is attempting a move towards the 100-day SMA and the bullish trendline. Although the crypto asset is still trading below the 100-day SMA, with the momentum the price is building, it could potentially break above the trendline and continue to rise toward the $635 resistance level.
Finally, it can observed that the signal line has crossed above the SMA of the indicator and are both attempting a move out of the oversold zone. With this formation, it can be suggested that BNB may experience more price growth.
Future Outlook: What Lies Beyond For BNB?
BNB is currently attempting a bullish move toward the bullish trendline. If the crypto asset breaks below the bullish trendline, it may start a rally toward the $635 resistance level. A break above this level may trigger a more bullish move for BNB to test the $724 resistance level and other lower levels.
However, if the price of BNB fails to break above the bullish trendline and begins to drop again, it will start to move toward the $500 support level. It could potentially undergo a further drop toward the $357 support level and other lower levels if there is a breach below the $500 support point.