BNB is riding a strong bullish wave, increasing by more than 10% while the upward momentum continues to build. This impressive rally approached the price to the critical resistance level of $ 724, a key barrier that could dictate his next important move.
In the last few days, BNB has shown a strong purchase pressure, reporting a renewed trust of investors. The wave arrives in the midst of an optimism of the largest market, with the bulls aiming to capitalize on the transfer. However, the $ 724 brand was historically a difficult area, in which the sellers previously intervened to trigger corrections.
With the feeling of the market that moves to Altcoin, BNB’s performance has been carefully observed. Will it conquer $ 724 or will resistance prove too strong? The next few days will be crucial in determining the next chapter of BNB.
Technical analysis: can BNB break through $ 724?
The recent 10% increase in BNB approached it to the level of resistance of $ 724 critic and demanding and breakdown it would require substantial purchase pressure. The price of the cryptocurrency is currently exchanged above the simple mobile of 100 days (SMA), indicating that the upper moment remains intact. This technical indicator is often used to evaluate the overall trend of the market and the trade above suggests that buyers have control and that the rise in the rise could continue.
A position sustained above the 100 -day SMA generally acts as a strong support level, preventing deeper pullbacks and strengthening market trust. If the purchase pressure remains stable, the price can continue its trajectory upwards at the key resistance levels.
However, the MacD indicator shows overload conditions, indicating that the activity can approach a potential reversal or consolidation phase. When the Macd line moves significantly above the signal line and the histogram expands, often suggests that the upward pressure is losing steam and a price correction could be on the horizon.
An overloaded Macd reading does not necessarily mean an immediate recession, but indicates that buyers can be exhausted and that profit intake can increase. If the indicator begins to show a bearish crossover – where the Macd line crosses under the signal line – it would confirm a weakened trend, leading to a retracement of prices towards the key support levels.
MARKET OUTLOOK: What are the prospects for the price?
The prospects of the market remain cautiously upward, with technical indicators showing a strong momentum. BNB is exchanged above the key mobile averages, strengthening the rise in the rise, while the negotiation volume remains high, reporting interests on supported investors. However, the challenges remain, in particular with the signs of the Macd’s hyper -poccian siprumped, causing the steam loss of the event.
If BNB should break and retain over $ 724, it could trigger a new purchase wave, pushing the price to $ 795 and beyond. On the other hand, it is likely that a refusal at this level will trigger short -term pulback, with $ 680 and $ 605 acting as key support areas.