BNB waved a strong bullish wave, and as bullish momentum continued to develop, the wave of more than 10% soared. The impressive rally brought the price closer to the $724 resistance level, a key obstacle that could determine its next big move.
Over the past few days, BNB has shown strong buying pressure and said it has strengthened investor confidence. Amid the wider market optimism, the surge is aimed at taking advantage of the move. However, the $724 mark has been a tough area in history, with the seller previously stepping in to trigger corrections.
As market sentiment shifted Altcoins, BNB's performance is closely watching. Will it conquer $724, or will the resistance prove too strong? The next few days will be crucial to identifying the next chapter of BNB.
Technical Analysis: Can BNB break $724?
BNB's recent 10% surge brings it closer to the critical $724 resistance level, and breaking it will require enormous buying pressure. The price of cryptocurrencies is currently trading above the 100-day simple moving average (SMA), indicating that the bullish momentum is still intact. This technical indicator is often used to measure overall market trends, and the above transactions indicate that the buyer is in control and the upward trend may continue.
Continuous positions above the 100-day SMA are usually strong support levels, preventing deeper pullbacks and increasing market confidence. If the purchase pressure remains stable, the price may continue to trajectory upward to the critical resistance level.
However, the MACD indicator shows too many conditions, which suggests that the assets may be approaching a potential reversal or consolidation phase. When the MACD line significantly moves the signal line and expands histogram, it is usually indicated that the upward pressure is losing steam and that the price correction may be on the horizon.
Over-purchasing MACD readings do not necessarily mean an immediate decline, but it does indicate that buyers may be exhausted and profits may increase. If the indicator starts to show a bearish crossover (with the MACD line below the signal line), it will confirm that the trend is weak, causing the price to go back to the critical support level.
Market prospects: What is the next step in the price?
The market outlook remains cautiously bullish, and technical indicators show strong momentum. BNB's trading is above the key moving average, enhancing the uptrend while trading volumes remain high, indicating continued investor equity. However, the challenge still exists, especially the excessive flashing of the MACD, which causes the gathering to lose momentum.
If BNB is interrupted and holds over $724, it could trigger a new wave of buying, pushing the price to $795 and beyond. On the other hand, rejection at this level could trigger short-term callbacks, with $680 and $605 as key support zones.
