Can the $590 threshold be stabilized? Will it continue to rise next?
In-depth analysis of BNB price
BNB’s rebound has been strong and has successfully broken through the important resistance level above $590. This level has undoubtedly attracted widespread attention from the market.
In terms of technical indicators, the upwardly extending moving averages and the RSI in the positive zone clearly indicate that the current trend direction of least resistance is upward.
For buyers, as long as they can hold price levels above $590, the BNB/USDT pair is expected to rebound and climb towards $645. Although this level may pose quite a challenge, if a successful breakout occurs, the next price target is likely to be $692.
However, if the bears want to reverse this upward trend, they will have to find a way to push the price below the 20-day moving average of $534. If they succeed in achieving this, the pair could be at risk of a sharp decline until it hits the 50% Fibonacci retracement level of $500.
Currently, the price of BNB is sitting around $591.
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Finally, I want to say that only by following the trend can we grasp the pulse of the times. In this new era full of hope, let us work together!
