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.
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Author: Aayush Jindal
