BNB Price Rebounds Strongly as Bullish Momentum Picks Up, Targeting $605 Resistance

BNB is making a strong comeback as bullish momentum picks ups following a recent dip, sparking renewed optimism among traders.

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BNB is making a strong comeback as bullish momentum picks up following a recent dip, sparking renewed optimism among traders.

After facing significant selling pressure at the $500 mark, buyers stepped in, offering support and allowing the price to rebound sharply. This renewed strength suggests that BNB could be gearing up for a larger recovery, although key resistance levels will need to be overcome to confirm a sustained uptrend.

The shift in market sentiment is also evident in the RSI indicator, which is gradually approaching the 50% threshold. A successful move above this level could bolster buying pressure, reinforcing the ongoing recovery. However, if the RSI struggles to break past 50%, it may suggest that bullish momentum remains weak, leaving room for potential price fluctuations.

BNB price chart: A recovery from $500 critical support sparks renewed optimism for BNB traders. Credit: Benzinga Pro

Despite the recovery, BNB faces crucial resistance levels that could determine the continuation of the uptrend. If bulls can maintain momentum and push the price above these key resistance zones, it would indicate a strong potential for further gains.

However, if the rally stalls near resistance, it might lead to consolidation or another pullback, making it crucial to monitor technical indicators and market reactions at these points.

Key Resistance Levels That Could Challenge The Bulls

As BNB pushes higher, it faces key resistance levels that could hamper its upward trend. The first major hurdle is at $605, a level where previous selling pressure emerged, resulting in a rejection of the price. A break above this zone could open the door for a move toward the next resistance at $680.

This level is historically significant and could determine whether BNB extends its recovery or faces renewed bearish pressure. If bulls can gather enough momentum to clear these barriers, it would strengthen the case for a continued rally.

Conversely, a rejection at resistance might indicate that buyers are losing steam, potentially leading to another retracement toward lower support zones. This would suggest that the recovery might be stalling, increasing the chances of a retest of the $500 critical support.