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BNB price is attempting a fresh increase from the $500 zone. The price could gain bullish momentum if it clears the $588 and $610 resistance levels.
- BNB price started a fresh increase above the $520 and $540 levels.
- The price is now trading above $575 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could attempt a fresh rally if it clears the $610 resistance zone.
BNB Price Eyes Fresh Surge
After a downside correction from $645, BNB price found support near the $500 zone. A low was formed at $498 and the price started a fresh increase, like Ethereum and Bitcoin.
There was a move above the $520 and $550 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $645 swing high to the $498 low. The price is now trading above $575 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support near $580 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $588 level. It is close to the 61.8% Fib retracement level of the downward move from the $645 swing high to the $498 low.
Source: BNBUSD on TradingView.com
The next resistance sits near the $610 level. A clear move above the $610 zone could send the price further higher. In the stated case, BNB price could test $645. A close above the $645 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $700 level in the coming days.
Another Decline?
If BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $580 level and the trend line.
The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $450 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $580, $560, and $540.
Major Resistance Levels – $598, $610, and $640.
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.
