BNB Breaks $605 Resistance, Establishes New Support for Further Gains
BNB has surpassed the $605 resistance level, transitioning it into a support zone after weeks of consolidation. This stability indicates strong buying pressure and sets the stage for potential price increases.
Key Price Action Insights
- BNB holding above $605 reflects bullish momentum.
- Targets include $630 and $650 if current levels are maintained.
- MACD indicators show sustained buying pressure with expanding histogram bars.
- 100-day Simple Moving Average (SMA) acts as dynamic support, suggesting overall bullish trend.
- Aiming for $680 could lead to a rally towards $724 if breakout occurs.
Support Levels in Case of Pullback
- $605 is critical support; maintaining this level reinforces bullish sentiment.
- If $605 fails, watch the $531 demand zone, historically strong support.
- A break below $531 may lead to further declines with $500 as a focus point, aligning with the 100-day SMA.
