BNB Price Holds Above $630 With Bullish Conviction; Should You Buy?

BNB’s market price has managed to stay above the $630 mark, demonstrating a significant bullish trend.

BNB price continues to print gains for the past two consecutive sessions, rising convincingly above 5%. If the buyers manage to sustain the momentum, it could set the path toward an all-time high in the short term.

Recall that Binance’s former CEO Changpeng Zhao was sentenced to a four-month jail term by a US federal judge. This ruling was made due to the failure to implement effective anti-money laundering policies in Binance.

As of press time, BNB trades at $629, up 0.58% for the day. According to Coinmarketcap, the 24-hour trading volume rose to $2,422,606 in time with price. Further, Open Interest (OI) spiked by 24% in the past 24 hours, reflecting the investor’s attention on the coin.

On the 1-hour timeframe, BNB price trades near the bullish trend line that extends from the low $594.94 made on June 2. After making the high of $637.56, the price retreated marginally, allowing sidelined buyers to enter the long position. The bulls must hold the session’s low to keep the upside momentum in swing.

For the upside, the first resistance appeared at the previous day’s high of $637.56, followed by $645. 

On the other hand, if the bearish momentum persists, the bears could pounce at the $627 level. 

Technical indicators:

Moving Average: Bullish Bias

BNB price holds above the 21-hour SMA, which holds at $627.17. The formation of multiple green candles at the support of the moving average suggests the formation of the demand zone.

RSI (14): Bullish Bias

The momentum oscillator, the Relative Strength Index (RSI), reads at 53. It predicts a bullish bias in the short term.

In a nutshell, the BNB looks bullish on the short-time frame giving upside targets. However, a confirmation is needed before placing aggressive bets.

Support and Resistance

BNB’s first resistance appeared at the previous day’s high of $637.56, followed by $645. On the other hand, if the bearish momentum persists, the coin could find support at the $627 level.