BNB price is attempting a new rise in the $545 range. A break above the $585 and $590 resistance levels could see the price gain bullish momentum.
- BNB price started a new rise after finding support near $545.
- The price is currently trading above $560 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair, there is a major contraction triangle with resistance forming near $585 (data source from Binance).
- A break above the $590 resistance area could trigger a new rally.
BNB price surges eye-fresh
BNB price was revised downward from $620 and then found support near $545. Unlike Ethereum or Bitcoin, the lowest point was formed at $546.1 and the price began a new rise.
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 downside move from the $619 swing high to the $546 low. The price is currently trading above $560 and the 100 simple moving average (4-hours).
Immediate resistance is near the $585 level. There is also a major contracting triangle with resistance forming near $585 on the 4-hours chart of the BNB/USD pair. This 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 is near the $590 level. The price could go even higher once it’s clearly out of the $590 area. As stated, the BNB price could test $620. A break above the $620 resistance could set up a larger upward pace towards the $640 resistance. More gains may require a test of the $700 level in the coming days.
Another decline?
If BNB fails to clear the $590 resistance, it could begin another downtrend. Initial support for the downside is near the $555 level and trend line.
The next major support is near the $545 level. The main support level is $532. A downward breakout below the $532 support could push the price towards the $500 support. Any more losses could trigger a deeper decline towards the $465 level.
technical indicators
4-Hour MACD – The MACD for BNB/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $555, $545, $532.
Key resistance levels – $585, $590, $620.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com