Currently, the price of BNB has been trying to high momentum move towards the rising trend line. This upward move, which is the second attempt the crypto asset is making after a successful break below the trend line, is sparking optimism among traders and investors that a break above it could trigger a potential rally towards the $635 resistance mark.
As the bullish sentiment for BNB continues to grow, this article aims to analyze its current price action and technical indicators that point to sustained growth to provide readers with adequate insight into the possible future actions of BNB.
The price of BNB is currently trading at around $580, up 4.15%, with a market cap of over $85 billion and a trading volume of over $19 billion at the time of writing. The last 24 hours have seen a 3.82% increase in BNB’s 24-hour market cap and a 7.89% decrease in its trading volume.
Technical analysis: Major trendline and potential recovery in focus
At the moment, the price of BNB on the 4-hour chart it is trading above the 100-day simple moving average (SMA), attempting an upward move towards the rising trend line. It can also be seen here that the price of the crypto asset has previously attempted a move towards the rising trend line, but it was met with a pullback, which then moved up again for a retest.
The 4-hour composite trend oscillator also suggests that the crypto asset could potentially sustain its positive sentiment towards the bullish trend line and aim for the $635 resistance level as the signal line and the indicator’s SMA are still trending in the overbought zone and no crossover-over attempt has been made.
On the 1-day chart, the BNB price is bullish and is attempting to move towards the 100-day SMA and the ascending trendline. Although the crypto asset is still trading below the 100-day SMA, with the momentum that the price is building, it could potentially break above the trendline and continue rising towards the $635 resistance level.
Finally, it can be seen that the signal line has crossed above the indicator’s SMA and both are trying to break out of the oversold zone. With this formation, it can be suggested that BNB could experience further price growth.
Future prospects: what’s next for BNB?
BNB is currently attempting an upward move towards the ascending trend line. If the crypto asset breaks below the ascending trend line, it could start a rally towards the $635 resistance level. A break above this level could trigger a more bullish move for BNB to test the $724 resistance level and other lower levels.
However, if the BNB price fails to break above the ascending trend line and starts to decline again, it will start moving towards $500. support level. It could potentially see a further decline towards the $357 support level and other lower levels if there is a breach below the $500 support point.