BNB Price Prediction: A New All-Time High SOON?
The post BNB Price Prediction: A New All-Time High SOON? appeared on BitcoinEthereumNews.com.
BNB price has been riding a wave of bullish momentum, breaking critical resistance levels and showing signs of further gains. After surpassing the 100-day Simple Moving Average (SMA), the cryptocurrency is approaching the $650 resistance mark. The market is buzzing with optimism as BNB positions itself for sustained growth. But can this rally continue, or is a correction around the corner? This article dives into recent technical analysis and market indicators to assess the potential for continued bullish movement. BNB Price Analysis As BNB Breaks the 100-Day SMA BNB’s recent surge past the 100-day SMA has sparked bullish sentiment among traders. Breaking through this technical barrier is seen as a key indicator of upward momentum. On the 4-hour chart, BNB demonstrated strong buying pressure, with the Relative Strength Index (RSI) climbing above 76.37%, reflecting a bullish trend that could drive prices higher toward the $650 resistance level. The 100-day SMA is a widely-watched indicator in technical analysis, and when a price moves above this average, it typically signals strength. In BNB’s case, this breakout has encouraged optimism for continued price appreciation. By TradingView – BNBUSD_2024-09-23 (3M) BNB Price Eyeing the $650 Resistance Level The key resistance level for BNB price lies at $650, a critical price point that traders are closely monitoring. With the altcoin trading around $613 at the time of writing, an upward move toward this level could open the doors to further gains. The $650 mark is not the only point of interest. If BNB surpasses this resistance, the next key zones to watch include $670 and $690. These levels are significant for determining whether BNB’s rally could extend into a larger bull run, potentially aiming for the new all-time high target over $720. BNB Price Faces Consolidation Phase and Short-Term Support While BNB price is showing…
Filed under: News - @ September 23, 2024 7:27 pm