bnb

BNB Eyes $605 After Breaking Key Resistance

Published

2 months ago

July 31, 2024

BNB 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.

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 upward trend and hit the new target of $605.

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.

Technical Analysis Indicates Potential Rise To $605

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 potential bullish trend and increased buying momentum. This position indicates that BNB’s price could continue rising as long as it remains above the SMA.

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.

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 bullish momentum. If BNB maintains its position above the 100-day SMA, it might trigger a sustained uptrend and greater investor confidence.

Also, the RSI indicator is trading above 50%, further supporting the possibility of a bullish trend, indicating that buying pressure 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.

Key Levels To Observe When BNB Reaches $605 Resistance

BNB is on a bullish trajectory, targeting 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 support zone, where the price may stabilize or consolidate. 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.

BNB trading at $587 on the 1D chart | Source: BNBUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

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Binance Coin

BNB Price Faces Challenges: Will It Hold $550 and Bounce Back?

Published

3 weeks ago

August 27, 2024

admin

BNB price is struggling to stay above the $550 support zone. The price could start a fresh increase if it clears the $560 resistance zone.

BNB price started a fresh decline from the $592 resistance zone.
The price is now trading below $565 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $560 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $560-$562 resistance zone.

BNB Price Eyes Recovery

After struggling to test the $600 resistance, BNB price started a fresh decline like Ethereum and Bitcoin. The price declined below the $585 and $572 support levels. There was also a move below $560.

Finally, the price found support at $548. A low was formed at $547 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $560 on the hourly chart of the BNB/USD pair.

The pair is now trading below $565 and the 100-hourly simple moving average. If there is a recovery wave, the price could face resistance near the $558 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $592 swing high to the $547 low.

The next resistance sits near the $562 level. A clear move above the $562 zone could send the price higher. In the stated case, BNB price could test $570 or the 50% Fib retracement level of the downward move from the $592 swing high to the $547 low.

A close above the $570 resistance might set the pace for a larger increase toward the $585 resistance. Any more gains might call for a test of the $592 level in the near term.

More Downsides?

If BNB fails to clear the $560 resistance, it could start another decline. Initial support on the downside is near the $550 level. The next major support is near the $548 level.

The main support sits at $542. If there is a downside break below the $542 support, the price could drop toward the $530 support. Any more losses could initiate a larger decline toward the $515 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $550 and $548.

Major Resistance Levels – $560 and $570.

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Ali Martinez

Analyst Says Solana Shaping Up for Big Breakout, Issues Warning on Large-Cap Crypto BNB

Published

3 weeks ago

August 27, 2024

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A widely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be gearing up for a large rally after printing a bullish technical pattern.

Analyst Ali Martinez tells his 69,000 followers on the social media platform X that SOL is potentially printing an Adam and Eve pattern.

An Adam and Eve pattern is viewed as a bullish reversal formation as an asset threatens to take out its horizontal resistance after carving a bottom.

Says Martinez,

“Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we could see a 33% surge toward $220!”

At time of writing, SOL is trading for $158, a slight increase in the past day.

Looking at another large-cap altcoin, Martinez says BNB, the native token of the BNB Chain ecosystem, is looking bearish based on the Tom Demark (TD) sequential indicator.

The TD sequential indicator is a technical analysis tool designed to identify trend exhaustion and potential price reversals based on the closing prices of a given number of periods.

Martinez’s chart shows the indicator flashing a bearish signal just below the $600 mark for BNB.

Says Martinez,

“The TD Sequential presents a sell signal on the BNB daily chart!”

At time of writing, BNB is trading for $570, down over 1% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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bnb

BNB Price Rally Imminent? Trendline Break Could Ignite Surge To $635

Published

2 months ago

July 17, 2024

admin

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.

BNB