BNB price is attempting a further increase from the $500 zone. The price could gain bullish momentum if it breaks through the $588 and $610 resistance levels.
- BNB price began a further increase above the $520 and $540 levels.
- The price is now trading above $575 and the 100 simple moving average (4-hours).
- A key bullish trendline is forming with support near $580 on the 4-hour chart of BNB/USD (data source from Binance).
- The pair could attempt a new rally if it breaks the $610 resistance zone.
BNB Prices Eyeing Further Rise
After a downward correction from $645, BNB price found support near the $500 zone. A low was formed at $498 and the price began a further rise, 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 high to $498 low. The price is now trading above $575 and the 100 simple moving average (4-hours).
There is also a key bullish trendline forming with support near $580 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $588 level. It is near the 61.8% Fib retracement level of the downward move from the $645 high to $498 low.
Source: BNBUSD on TradingView.com
The next resistance lies near the $610 level. A sharp move above the $610 area could push the price further higher. In the stated case, the BNB price could reach $645. A close above the $645 resistance could set the tone for a larger increase towards the $680 resistance. Any further gains may require a test of the $700 level in the coming days.
Another decline?
If BNB fails to clear the $610 resistance, it could begin a further decline. Initial downside support is near the $580 level and the trendline.
The next major support is near the $560 level. The main support lies at $540. If there is a downward break below the $540 support, the price could drop to the $500 support. Any further losses could initiate a larger decline towards the $450 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is accelerating into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $580, $560 and $540.
Major resistance levels – $598, $610 and $640.
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