BNB price is attempting a fresh increase from the $545 zone. The price could gain bullish momentum if it clears the $585 and $590 resistance levels.
- BNB price started a fresh increase after it found support near the $545 zone.
- The price is now trading above $560 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $585 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 $590 resistance zone.
BNB Price Eyes Fresh Surge
After a downside correction from $620, BNB price found support near the $545 zone. A low was formed at $546.1 and the price started a fresh increase, unlike Ethereum and Bitcoin.
There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $546 low. The price is now trading above $560 and the 100 simple moving average (4 hours).
Immediate resistance is near the $585 level. There is also a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. It is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low.
Source: BNBUSD on TradingView.com
The next resistance sits near the $590 level. A clear move above the $590 zone could send the price further higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger increase toward the $640 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 $590 resistance, it could start another decline. Initial support on the downside is near the $555 level and the trend line.
The next major support is near the $545 level. The main support sits at $532. If there is a downside break below the $532 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 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 – $555, $545, and $532.
Major Resistance Levels – $585, $590, and $620.
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.
Comments (No)