- BNB is currently trading at around $627.
- Technical indicators indicate a bullish trend.
Yesterday’s green wave failed to sustain the gains. Today, the bears took back control, sending downside pressure across the crypto assets. Hence, both green and red charts are found in the market. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), hover at $67.6K and $2K. Meanwhile, BNB, the native token of the Binance ecosystem, has spiked by over 0.14%.
The asset’s lowest and highest trading levels fall between $615.25 and $633.19, respectively. At press time, BNB is trading at around $627.90, with its market cap reaching $85.54 billion. Besides, the daily trading volume has touched the $2.71 billion mark. According to the Coinglass data, $506.41K worth of BNB has been liquidated in the market over the last 24 hours.
If the BNB/USDT trading pair gains more traction on the upside, the price could climb toward the resistance at $628.57. With the bullish pressure extended, the golden cross might unfold and send the price above the $629 mark. On the flip side, assuming the momentum slips, the BNB price might plunge to the $626.48 support level. Further correction on the downside could trigger the emergence of the death cross, taking the price below the $625 zone.
Is BNB’s Bullish Momentum Strong Enough to Sustain?
BNB’s technical chart analysis displays that the Moving Average Convergence Divergence (MACD) line is above the signal line. It indicates bullish momentum is building, as short-term price strength is exceeding the recent trend. With this positioning, the buyers are gaining control, increasing the likelihood of upward price movement.
In addition, the Chaikin Money Flow (CMF) of BNB at 0.20 suggests strong buying pressure, with significant capital flowing into the asset. Notably, this value reflects active accumulation, hinting that the buyers are dominating and supporting the current price movement. It also shows growing confidence and sustained demand.
The daily Relative Strength Index (RSI) found at 62.97 implies moderately strong bullish sentiment. As it remains below the 70 mark, BNB is not yet overbought, leaving room for further upside. The trend may continue higher if buying strength persists. Furthermore, the Bull Bear Power (BBP) reading of 19.42 points to extremely strong bullish dominance. The buyers are pushing the price higher. However, high values signal that BNB may approach overheated conditions, where a short-term pullback occurs.
Top Updated Crypto News
Telegram Wallet Launches BTC, ETH, USDT Yield Vaults
Source: https://thenewscrypto.com/bnb-tests-critical-resistance-will-the-price-move-toward-630-or-face-rejection/
