Binance Coin (BNB) Surges 5%, Eyeing $620 Mark in Bullish Trend

11

In the buzzing world of cryptocurrency, Binance Coin (BNB) is presently chartering an upward trajectory from the $575 threshold. With a promising start, the price has ascended over 5%, pointing towards a bullish intent projected at the $620 mark.

The initial thrust came when BNB found its footing around the $575 zone. That crucial bolstering led to a renewed spur, contrasting noticeably with Bitcoin and Ethereum’s recent trajectories. Currently, BNB is trading comfortably above $600, and has surpassed the 100-point simple moving average over a 4-hour span. Notably, a primary optimistic trend is unveiled with backing pegged at $587, based on a 4-hour sketch of the BNB/USD pairing taken from Binance.

Follow us on Google News! ✔️


This upward momentum could gain further traction should it cross the $620 resistance boundary. Indeed, should that be the case, the price of BNB could shoot up by an astonishing 15%.

Tracing its recent journey, after a brief dip below $600, the BNB price discovered a firm base around the $575 zone. It scribbled a low at $572.8 before kickstarting an upswing. The price leaped over the resistances set at $595 and $600. The bulls subsequently heaved the price beyond the $605 turning point.

These positive signs emerged continued growth to over a 5% rise, hovering impressively above the 23.6% Fibonacci retracement level. This increase mapped the latest shift from a swing low at $572.8 to a momentous high at $618.0.

At the moment, on the immediate front, a resistance is spotted near the $618 level. A secondary resistance then lurks around the $620 mark. A firm climb over this hurdle could spiral the price even further. In such an event, BNB could find itself testing the waters at $632. If it manages to close above the $632 resistance, this might establish momentum for a more sweeping climb towards the $650 mark. Any gains accumulated beyond this might necessitate a trial at the formidable $700 level in the approaching days.

On the flipside, should BNB falter at breaching the $620 resistance, it might instigate a downward rectification. The first rung of support, then, falls near the $600 level. The following significant support is stationed around the $590 mark, neighboring the trend line, or at the 61.8% Fibonacci retracement level read from the recent thrust, from a trough at $572.8 to the high at $618.0. The main support, then, is shelved at $575. Should there surface a downward plunge below the $575 support, it may trigger a potential slide towards the $550 mark.

Reflecting the market’s bullish temperament, technical indicators such as the 4-hour MACD for BNB/USD are picking up momentum. Likewise, the 4-hour RSI for BNB/USD currently rests above the critical 50 level.

Investments in cryptocurrencies always come with inherent risks, so it’s essential for potential investors to conduct individual research before making any investment decisions. It’s equally integral to understand the information discussed here is for educational purposes only, provided under the condition that it’s used entirely at one’s own risk.