BNB Eyes $630 Resistance After Holding Firm Above $600
30.04.2025 12:24
Binance Coin (BNB) has maintained its position above the critical $600 level, currently trading at $602, as it builds bullish momentum with a notable increase in trading volume of 5.96% to $1.58 billion. Despite a slight 1.14% drop in the last 24 hours, BNB is up 1% over the past month, bolstering investor confidence after surpassing significant support points at $592 and $595. Key resistance is seen at the 200-day SMA of $635, with short-term barriers at $606 and $610 potentially setting the stage for an upward rally. Technical indicators, including an RSI around 52 and increased buying pressure, hint that further gains could initiate a move toward $620 and even $650 if the momentum continues. However, mixed signals from derivatives data—such as a 3% drop in open interest against a small surge in trading volume—suggest that while the bulls are in command, traders should remain cautious of potential short-term corrections if key resistance levels are not breached.
The news supports a bullish outlook for BNB as it holds above a key support level and gains trading confidence, suggesting a likely upward move if resistance at $606 and $610 is overcome. The positive trading volume and sustained support indicate potential for a breakout toward $630, with possibilities for further gains toward $620, $635, and even $650. However, mixed derivatives signals and potential short-term price corrections introduce caution, implying that while short-term volatility might occur, long-term prospects remain positive if critical support levels continue to hold.