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