đ„đ„đ„ #BNBâ© Price Holds Above $630 With Bullish Conviction; Should You Buy?
BNB has been gaining for the past two consecutive sessions, rising convincingly by over 5%. If buyers can maintain this momentum, it could pave the way for a new all-time high in the short term. This surge follows the news of Binanceâs ex-CEO #ChangpengZhao (CZ) receiving a four-month jail term. A US federal judge sentenced CZ for failing to implement robust anti-money laundering policies.
As of now, BNB is trading at $629, up 0.58% for the day. Coinmarketcap reports a 24-hour trading volume of $2,422,606, coinciding with the price increase. Additionally, Open Interest (OI) has spiked by 24% in the past 24 hours, indicating growing investor interest in the coin.
On the 1-hour timeframe, BNB is trading near a bullish trend line that extends from the low of $594.94 on June 2. After reaching a high of $637.56, the price retreated slightly, giving sidelined buyers an opportunity to enter long positions. To sustain the upside momentum, bulls need to hold the session's low.
For further gains, the first resistance level is at the previous dayâs high of $637.56, followed by $645. Conversely, if bearish momentum takes over, support could be found at the $627 level.
Technical Indicators:
Moving Average: Bullish Bias
- BNB is holding above the 21-hour SMA, currently at $627.17. The formation of multiple green candles at this support level indicates a demand zone.
RSI (14): Bullish Bias
- The Relative Strength Index (RSI) is at 53, suggesting a bullish bias in the short term.
In summary, BNB appears bullish on the short-term timeframe with upside targets in view. However, confirmation is needed before making aggressive trades.
Source - thecryptobasic.com
