The price of BNB is making a new attempt to rise from the $575 area. With a gain of over 5%, the bulls are showing strength and appear to be targeting a move beyond $620.
After finding support near the $575 zone, the price of BNB initiated a new uptrend. It has now surpassed $600 and the 100 simple moving average (4 hours). On the 4-hour chart of the BNB/USD pair from Binance, a significant bullish trend line is forming, with support at $587. If the pair manages to break above the $620 resistance zone, it could gather further bullish momentum.
BNB Price Shows Strength with Bullish Momentum
Following a downside correction below $600, the price of BNB found support around the $575 zone, forming a low at $572.8. Unlike Ethereum and Bitcoin, BNB started a fresh uptrend from this point.
The bulls successfully pushed the price above the $595 and $600 resistance levels, as well as the $605 pivot level. With an increase of over 5%, BNB is displaying several positive signs above the 23.6% Fibonacci retracement level.
Currently, the price is trading above $600 and the 100 simple moving average (4 hours). Additionally, a crucial bullish trend line is forming with support at $587 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is expected near the $618 level, followed by the $620 level. A clear breakthrough above the $620 zone could propel the price even higher. In such a scenario, BNB price might test $632, with a close above this resistance potentially leading to a larger increase towards the $650 resistance level. Further gains could even prompt a test of the $700 level in the coming days.
BNB Faces Resistance with Downside Risk Looming
Potential Downside Correction: Should BNB fail to surpass the $620 resistance level, a downside correction could ensue. Initial support on the downside is anticipated near the $600 level.
Key Support Levels: The next significant support level lies around $590, coinciding with the trend line or the 61.8% Fibonacci retracement level of the recent upward move from $572.8 to $618.0. The primary support zone rests at $575. A breach below this level might lead to a decline towards the $562 support, potentially sparking further losses towards the $550 level.
Technical Indicators: The 4-hour MACD indicator for BNB/USD is showing an increase in bullish momentum, while the 4-hour RSI (Relative Strength Index) is currently above the 50 level, indicating bullish sentiment.
Major Support and Resistance Levels: Major support levels to monitor include $600, $585, and $575, while significant resistance levels stand at $620, $632, and $650.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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