BNB Price Rally Coming? Trendline Break Could Spark $635 Rise
BNB price is trying to advance near the positive trendline. The crypto asset's second upward rise after breaking below the trendline is encouraging traders and investors that a break above might launch a surge above $635 barrier.
As BNB's optimistic feeling grows, this article analyzes its price movements and technical signs pointing toward sustainable growth to give readers with insight into its future actions.
As of writing, BNB's market capitalization is over $85 billion and its trading volume is over $19 billion. Its price is $580, up 4.15%. In the previous 24 hours, BNB's market capitalization rose 3.82 percent while its trading volume fell 7.89 percent.
Technical Analysis: Key Trendline and Possible Rally
On the 4-hour chart, BNB is trading above the 100-day Simple Moving Average (SMA), trying to reach the positive trendline. As shown below, the crypto asset's price attempted a move on the bullish trendline but saw a setback before rising again for a retest.
As the signal line and SMA of the 4-hour Composite Trend Oscillator remain in the overbought zone and no cross-over attempt has been made, the crypto asset may continue to target the $635 resistance level.
BNB is bullish on the 1-day chart and trying to reach the 100-day SMA and bullish trendline. Despite trading below the 100-day SMA, the crypto asset may break above the trendline and ascend above $635 barrier.
Finally, the signal line has crossed above the indicator's SMA and is trying to exit the oversold zone. With this pattern, BNB may climb in price.
The bullish trendline is being targeted by BNB. The crypto currency may surge toward $635 if it breaks below the positive trendline. BNB may challenge $724 resistance and other lower levels if it breaks over this level.
If BNB fails to break above the bullish trendline and drops again, it will head toward $500. If it breaks below $500, it might fall to $357 and further levels.
