BNB price is attempting a new rise in the $540 range. The price needs to stabilize above the $600 resistance to gain bullish momentum.
- BNB price started a new rise after crossing the $565 resistance zone.
- 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 $602-$610 resistance area could provide bullish momentum.
BNB price maintains support
BNB price started a new rise after forming a base above the $535 level. There has been a steady increase above the $565 and $575 resistance levels like Ethereum and Bitcoin.
The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level for a downward move from the $618 swing high to the $5382 low. It is currently trading above $590 and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support at $592 on the 4-hours chart of the BNB/USD pair. The pair appears to be consolidating near the 76.4% Fib retracement level with a downward move from the $618 swing high to the $5382 low.
Immediate resistance is near the $602 level. The next resistance is near the $618 level. Clearly beyond the $618 area, the price could go even higher.
Source: BNBUSD on TradingView.com
As stated, the BNB price could test $635. A close above the $635 resistance line could set up a larger upward pace towards the $650 resistance line. More gains may lead to a test of the $680 level in the coming days.
Are deeps supported?
If BNB fails to clear the $602 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 $578 level. The main support level is $555. A downward breakout below the $555 support could push the price towards the $530 support. Any more losses could trigger a deeper decline towards the $520 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, $578, $555.
Key resistance levels – $602, $618, $650.