BNB price is attempting a new rise in the $575 range. The price is up more than 5% and the bulls seem to be targeting above $620.
- BNB price started a new rise after finding support near $575.
- The price is currently trading above $600 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair, there is a major bullish trend line forming around support at $587 (data source from Binance).
- A break above the $620 resistance area could provide bullish momentum.
BNB price could surge by 15%
After being downgraded below $600, BNB price found support near $575. Unlike Ethereum or Bitcoin, the lowest point was formed at $572.8 and the price began a new rise.
There was a move above the $595 and $600 resistance levels. The uptrend pushed the price above the $605 pivot level. The recent increase from the $572.8 swing low to the $618.0 high is over 5% above the 23.6% Fib retracement level and shows many positive signs.
The price is currently trading above $600 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support at $587 on the 4-hours chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the $618 level. The next resistance is near the $620 level. The price could go even higher if it breaks clearly into the $620 area. As stated, the BNB price could test $632. A close above the $632 resistance line could set up a larger upward pace towards the $650 resistance line. More gains may lead to a test of the $700 level in the coming days.
Another decline?
If BNB fails to clear the $620 resistance, a downward correction could begin. Initial support on the downside is near the $600 level.
The next major support is near the $590 level and the recent upward trend line from $572.8 to $618.0, or the 61.8% Fib retracement level. The main support level is $575. A downward breakout below the $575 support could push the price towards the $562 support. Any more losses could trigger a further decline towards the $550 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 – $600, $585, $575.
Key resistance levels – $620, $632, $650.
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