BNB price has been riding a wave of bullish momentum, breaking critical resistance levels and showing signs of further gains. After surpassing the 100-day Simple Moving Average (SMA), the cryptocurrency is approaching the $650 resistance mark. The market is buzzing with optimism as BNB positions itself for sustained growth. But can this rally continue, or is a correction around the corner? This article dives into recent technical analysis and market indicators to assess the potential for continued bullish movement.

BNB Price Analysis As BNB Breaks the 100-Day SMA

BNB’s recent surge past the 100-day SMA has sparked bullish sentiment among traders. Breaking through this technical barrier is seen as a key indicator of upward momentum. On the 4-hour chart, BNB demonstrated strong buying pressure, with the Relative Strength Index (RSI) climbing above 76.37%, reflecting a bullish trend that could drive prices higher toward the $650 resistance level.

The 100-day SMA is a widely-watched indicator in technical analysis, and when a price moves above this average, it typically signals strength. In BNB’s case, this breakout has encouraged optimism for continued price appreciation.

By TradingView – BNBUSD_2024-09-23 (3M)

BNB Price Eyeing the $650 Resistance Level

The key resistance level for BNB price lies at $650, a critical price point that traders are closely monitoring. With the altcoin trading around $613 at the time of writing, an upward move toward this level could open the doors to further gains.

The $650 mark is not the only point of interest. If BNB surpasses this resistance, the next key zones to watch include $670 and $690. These levels are significant for determining whether BNB’s rally could extend into a larger bull run, potentially aiming for the new all-time high target over $720.

BNB Price Faces Consolidation Phase and Short-Term Support

While BNB price is showing strength, it has entered a consolidation phase near the $600 mark, leading some traders to question whether the rally can continue without a pullback. The price is currently hovering below $620 and facing immediate resistance at $615, with major support levels at $600 and $610.

A downside correction is possible if BNB fails to clear the $620 resistance. In that case, BNB could drop toward the $560 level. Any more losses might push the price down to the $550 zone. The presence of strong support at these lower levels indicates that even if a correction occurs, BNB could still maintain its bullish trajectory in the medium term.

By TradingView – BNBUSD_2024-09-23

BNB Price Prediction: What Lies Ahead for BNB?

The outlook for BNB price depends on its ability to sustain above the key support levels and break through the $650 resistance zone. If successful, BNB could target $680 and beyond. However, failure to maintain above $600 could signal a bearish correction, bringing the price down to test lower levels.

For now, the technical indicators remain bullish. The hourly MACD shows a strong upward trend, and the RSI is positioned favorably above the 50 level. The price action in the coming sessions will determine whether BNB can break higher or if a short-term correction is on the cards.

By TradingView – BNBUSD_2024-09-23 (5D)

BNB has demonstrated impressive strength after breaking the 100-day SMA and is on track to test the critical $650 resistance level. With bullish momentum building and support holding firm, the cryptocurrency could see more gains in the near term. However, traders should keep an eye on key support levels, as a failure to clear $620 could lead to a downside correction.