BNB Eyes Recovery: $605 Support Sets The Stage For A New Rally 📈

BNB has established support at $605, raising hopes for a potential rally as the bulls regroup to regain control. With technical indicators suggesting renewed buying interest, market watchers are cautious but optimistic about a bullish trajectory.

The 4-hour chart reveals an upward trend, despite BNB trading below the 100-day Simple Moving Average (SMA). A successful breach above the 100-day SMA could affirm BNB’s recovery, potentially unlocking further price escalations.

BNB's Relative Strength Index (RSI) has improved from 35% to 42%, indicating a rise in buying pressure. Rising RSI values approaching 50% are poised to confirm a bullish sentiment, fortifying BNB’s strength and ability to surpass resistance levels.

On the daily timeframe, BNB is over the 100-day SMA, advancing toward the $635 resistance. The rise of RSI above 50% highlights a stronger buying force, signifying a promising upward trend if the momentum continues.

BNB is eyeing the $635 resistance, a pivotal obstacle in its rally. Clearing this level may propel the asset to $724 and beyond. Conversely, failure could lead to consolidation or a slip towards the $605 support, potentially triggering further declines.