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BNB price is attempting a fresh increase from the $515 zone. The price could gain bullish momentum if it clears the $572 resistance zone.
- BNB price started a fresh increase after it found support near the $515 zone.
- The price is now trading below $555 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the $572 resistance zone.
BNB Price Faces Hurdles
After a downside correction below $550, BNB price found support near the $515 zone. A low was formed at $513.6 and the price started a recovery wave, like Ethereum and Bitcoin.
There was a move above the $525 and $530 resistance levels. The bulls pushed the price above the $540 pivot level and the 23.6% Fib retracement level of the downward move from the $630 swing high to the $513 low. There was also a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair.
The price is still trading below $550 and the 100 simple moving average (4 hours). Immediate resistance is near the $555 level. The next resistance sits near the $572 level or the 50% Fib retracement level of the downward move from the $630 swing high to the $513 low.
Source: BNBUSD on TradingView.com
A clear move above the $572 zone could send the price further higher. In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $630 resistance. Any more gains might call for a test of the $650 level in the coming days.
Another Decline?
If BNB fails to clear the $572 resistance, it could start another decline. Initial support on the downside is near the $532 level.
The next major support is near the $520 level. The main support sits at $515. If there is a downside break below the $515 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $532, $520, and $515.
Major Resistance Levels – $555, $572, and $600.
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.
