BNB price started a steady increase above the $550 resistance. The price is now consolidating and might aim for more gains above $585.
- BNB price started a decent upward move from the $500 support zone.
- The price is now trading above $550 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $572 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could extend its increase if it clears the $588 resistance in the near term.
BNB Price Starts Fresh Increase
In the past few days, BNB price saw a decent upward move from the $500 support zone, like Ethereum and Bitcoin. The price was able to climb above the $535 and $550 resistance levels.
It even cleared the $570 resistance. The current wave surpassed the 61.8% Fib retracement level of the downside correction from the $587 swing high to the $555 low. The price is now trading above $550 and the 100-hourly simple moving average.
It is now consolidating above the 76.4% Fib retracement level of the downside correction from the $587 swing high to the $555 low. There is also a connecting bullish trend line forming with support at $572 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $585 level. The next resistance sits near the $588 level. A clear move above the $588 zone could send the price 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 $625 resistance. Any more gains might call for a test of the $640 level in the coming days.
Are Dips Supported?
If BNB fails to clear the $588 resistance, it could start a downside correction. Initial support on the downside is near the $572 level or the trend line.
The next major support is near the $564 level. The main support sits at $550. If there is a downside break below the $550 support, the price could drop toward the $535 support. Any more losses could initiate a larger decline toward the $520 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $572 and $564.
Major Resistance Levels – $588 and $600.
Credit: Source link
