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In a recent price prediction, U.Today highlights the significance of Binance Coin (BNB) as it approaches a crucial moment in its technical trajectory. The publication notes that the cryptocurrency’s death cross is on the verge of becoming invalidated, paving the way for a golden cross formation.
As explained by the article, a death cross occurs when a security’s short-term moving average (MA) crosses below its long-term MA. In BNB’s case, this event took place recently, raising concerns about the asset’s potential to continue its upward momentum. However, recent developments indicate that this fear might be unwarranted.
The key resistance level around $640 is expected to play a vital role in determining the cryptocurrency’s future trajectory. If Binance Coin successfully breaks above this mark with sustained trading volume, it could signify a significant shift away from the death cross and potentially even lead to a golden cross formation.
This development would be instrumental in solidifying the asset’s bullish stance and further propel its value upward. On the other hand, if BNB fails to clear this resistance, it may undergo a temporary consolidation phase before attempting another breakout.
U.Today suggests that the current technical setup puts Binance Coin in an ideal position to continue its recovery. The outcome of the next few trading sessions will be crucial in determining whether the asset can transition from a death cross to a golden cross, ultimately reinforcing its upward momentum.
As always, it’s essential for investors and traders to remain vigilant and adapt their strategies accordingly as market conditions evolve.
Source: https://u.today/bnb-death-cross-becoming-invalidated-golden-cross-imminent
