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BNB price rallied further above $600 before it faced sellers. The price corrected gains and now testing an important support at $500.
- BNB price started a downside correction from the $645 resistance zone.
- The price is now trading near $515 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could attempt a fresh increase if it stays above the $500 support zone.
BNB Price Holds Support
In the last BNB price prediction, we discussed the chances of more gains above the $550 resistance zone. The price continued to rise and broke many hurdles near the $580 level.
BNB even outperformed Bitcoin and Ethereum with a move above the $600 resistance. Finally, it faced resistance near the $645 zone. A high was formed near $645 and the price recently started a downside correction. There was a move below the $600 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $365 swing low to the $645 high. The price is now trading near $515 and the 100 simple moving average (4 hours). Immediate resistance is near the $520 level.
There is also a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test $580. A close above the $580 resistance might set the pace for a larger increase toward the $600 resistance. Any more gains might call for a test of the $645 level in the coming days.
More Losses?
If BNB fails to clear the $520 resistance, it could continue to move down. Initial support on the downside is near the $500 level or the 50% Fib retracement level of the upward move from the $365 swing low to the $645 high.
The next major support is near the $470 level. The main support sits at $430. If there is a downside break below the $430 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $350 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $500, $470, and $430.
Major Resistance Levels – $520, $550, and $580.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
