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Home»EXCHANGE NEWS»BNB price regains $600 and bulls can now target new 2024 highs
EXCHANGE NEWS

BNB price regains $600 and bulls can now target new 2024 highs

By Crypto FlexsApril 23, 20243 Mins Read
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BNB price regains 0 and bulls can now target new 2024 highs
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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.

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.

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