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Home»EXCHANGE NEWS»$605 support sets the stage for a new rally
EXCHANGE NEWS

$605 support sets the stage for a new rally

By Crypto FlexsNovember 27, 20243 Mins Read
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5 support sets the stage for a new rally
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This article is also available in Spanish.

BNB Building on the $605 support level has sparked optimism about a potential recovery. Following recent bearish pressure, the bulls appear to be regrouping with the aim of regaining control and driving prices higher. With key technical indicators signaling renewed buying interest, market participants are closely watching whether this support will set the stage for the next phase of BNB. rally.

With BNB showing encouraging signs of revival, this article aims to examine the bounce from the $605 support level and assess its ability to sustain itself. recovery. Through market trends, technical indicators, and core analysis resistance At the level, we are trying to determine whether BNB will see a new uptrend or if it still faces the risk of new downside pressure.

Technical indicators signal a potential rebound

On the 4-hours chart, BNB is showing a steady upward trajectory despite currently trading below its 100-day simple moving average (SMA). After a strong bounce from the crucial $605 support level, the asset is making progress to extend gains targeting the $635 resistance area. A successful breach exceeding the 100-day SMA could further validate recovery and potentially open the door to: higher level.

BNB uptrend maintains despite trading below 100-day SMA | Source: Tradingview.com BNBUSDT

Additionally, the 4-hour relative strength index (RSI) has rebounded from a low of 35% to 42%, reemerging buying pressure and signaling a further upward trend. optimistic Market psychology. An uptrend can be confirmed as RSI rises and approaches 50%, giving BNB the strength to push higher and test resistance levels.

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BNB is showing a strong upward trend on the daily time frame and has since been above its 100-day SMA. rebound At the $605 support level. This provided stability and allowed the cryptocurrency to advance towards the $635 resistance level. The price action indicates growing bullish sentiment as BNB is trading above key technical levels.

BNB
BNB Aims for Higher Highs After Recovering $605 | Source: Tradingview.com BNBUSDT

Additionally, the daily RSI briefly fell below 50% and then rose above 50%, indicating a positive turn. market emotion. This means that as the bearish momentum subsides, buying pressure is stronger than selling pressure. If RSI continues to rise, it could further support BNB’s uptrend, reinforce the positive trend, and lead to a sustained rally targeting higher resistance levels.

Analysis of key resistance targets for BNB next move

BNB is targeting the $635 resistance level, which could be a major hurdle after a bounce from the $605 support level. If the cryptocurrency successfully breaks through this resistance, the next target could be higher areas such as above the $724 level, which would indicate strong bullish momentum. momentum.

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But if BNB Failure to break the $635 resistance could lead the price to fall towards the $605 support level, indicating a potential consolidation or reversal. A successful break above this support could trigger further downside by targeting lower support levels.

BNB
BNB trading at $620 on 1D chart | Source: Tradingview.com BNBUSDT

Featured image from iStock, chart from Tradingview.com

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