BNB price could break above the crucial $600 resistance level after the 50-day MA and 100-day MA formed a bullish crossover.
BNB traded at $595 at press time after facing rejection, yet again, above the $600 price level. As BNB gets ready for another leg up above this resistance, several bullish signs are lining up, hinting towards a strong uptrend.BNB’s failure to break above $600 suggests that sellers are booking profits at this price.
This crossover usually suggests that the short-term momentum is gaining strength compared to the long-term momentum. Furthermore, the Chaikin Money Flow shows a reading of 0.30 indicating that buyers are active. The CMF has also made a strong move north, suggesting that the buying momentum is not weakening.
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