BNB Targets $635 Resistance After Rebounding From $605 Support
BNB is currently stabilizing at the $605 support level, indicating potential recovery. Following recent bearish trends, bulls are attempting to regain control and elevate the price. Key technical indicators reflect renewed buying interest, prompting market observers to assess if this support will facilitate BNB’s next rally.
This analysis explores BNB's rebound from the $605 support and its potential for sustained recovery by examining market trends, technical indicators, and critical resistance levels. The goal is to determine if BNB is poised for a bullish run or still vulnerable to bearish pressure.
Technical Indicators Signal A Potential Rebound
The 4-hour chart shows BNB on an upward trajectory, despite trading below the 100-day Simple Moving Average (SMA). After bouncing back from the $605 support, BNB aims toward the $635 resistance zone. A breach above the 100-day SMA could validate this recovery and lead to higher price levels.
The 4-hour Relative Strength Index (RSI) has increased to 42% from a low of 35%, indicating rising buying pressure and a shift towards bullish sentiment. If the RSI approaches 50%, it may confirm upward momentum, enabling BNB to test resistance levels.
On the daily timeframe, BNB maintains an upward movement above the 100-day SMA after rebounding at the $605 support level, allowing progression toward the $635 resistance level. This stability suggests growing optimism as BNB exceeds key technical levels.
The daily RSI has risen above 50% after previously dropping below that mark, indicating a positive shift in market sentiment. As bearish momentum weakens, buying pressure appears stronger than selling pressure. Continued RSI growth may further support BNB’s upward trend and potential rally toward higher resistance levels.
Analyzing Key Resistance Targets For BNB Next Move
After rebounding from the $605 support, BNB targets the $635 resistance level, which may present a significant hurdle. A successful breach here could lead to higher targets, such as the $724 level, indicating strong bullish momentum.
If BNB fails to surpass the $635 resistance, it may suggest consolidation or reversal, with prices potentially retreating to the $605 support level. A break below this support could result in further declines, targeting lower support levels.
