BNB Faces Strong Resistance at $600 Mark

Since the price surge on September 23, Binance Chain’s native token (BNB) has fluctuated within a range. Over the past month, the cryptocurrency has consistently traded above the $540 support level and below the $620 mark. Currently, if the $600 barrier is breached upwards, the altcoin is expected to rise to $635, the next resistance level. However, bears are likely to form strong resistance around the $635 peak. Nevertheless, the upward momentum is projected to continue to the previous high of $724, with bears losing ground. Failing to break this threshold will keep the price range between $540 and $620 unchanged. BNB’s current price is $605.

As indicated by the horizontal moving averages, BNB is in consolidation mode. As the altcoin retests the $600 resistance level, the price bars are positioned above the moving averages. BNB displays a long candlestick at recent highs, indicating strong buying pressure at higher levels.

BNB is consolidating below the $610 resistance level. The cryptocurrency has tested this barrier three times and declined. The extended candlestick indicates significant selling pressure at the $610 high.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Negative