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.
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