BNB price is attempting a new rise in the $550 range. The price may clear the $600 resistance and rise above $630.
- BNB price started a new rise after breaking the $550 resistance level.
- The price is currently trading above $580 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 $592 (data source from Binance).
- A breakout of the $608-$610 resistance area could provide bullish momentum.
BNB price strength
BNB price started a new rise after forming a base above the $520 level. There has been a steady increase above the $550 and $565 resistance levels like Ethereum and Bitcoin.
The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward wave from the $630 swing high to the $512 low. More importantly, the price is currently trading above $580 and the 100 simple moving average (4-hours).
Consolidation is occurring just above the 76.4% Fib retracement level of the downward wave from the $630 swing high to the $512 low. There is also a major bullish trend line forming with support at $592 on the 4-hours chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the $608 level. The next resistance is near the $630 level. The price could go even higher if it clearly breaks through the $630 area. As stated, the BNB price could test $650. A close above the $650 resistance line could set up a larger upward pace towards the $680 resistance line. More gains may require a test of the $720 level in the coming days.
Are dips supported?
If BNB fails to clear the $608 resistance, a downward correction could begin. Initial support for the downside is near the $592 level and trend line.
The next major support is near the $585 level. The main support level is $570. A downward breakout below the $570 support could push the price towards the $550 support. Any more losses could trigger a deeper decline towards the $532 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 – $592, $585, $570.
Key resistance levels – $608, $630, $650.
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