BNB Price Rally Imminent? Trendline Break Could Ignite Surge To $635
July 17 2024 - 7:00AM
NEWSBTC
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. Finally, it can observed that the signal
line has crossed above the SMA of the indicator and are both
attempting a move out of the oversold zone. With this formation, it
can be suggested that BNB may experience more price growth. Future
Outlook: What Lies Beyond For BNB? BNB is currently attempting a
bullish move toward the bullish trendline. If the crypto asset
breaks below the bullish trendline, it may start a rally toward the
$635 resistance level. A break above this level may trigger a more
bullish move for BNB to test the $724 resistance level and other
lower levels. However, if the price of BNB fails to break above the
bullish trendline and begins to drop again, it will start to move
toward the $500 support level. It could potentially undergo a
further drop toward the $357 support level and other lower levels
if there is a breach below the $500 support point. Featured image
from Adobe Stock, chart from Tradingview.com
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