BNB price is gaining bullish momentum above the $450 resistance level. The price is showing a strong upward trend and may soon break above the $500 resistance level.
- BNB price is showing bullish signals above the $450 resistance.
- The price is currently trading above $465 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair (Binance data source), a breakout occurred above the connecting trend line with resistance at $430.
- The pair could continue to rise towards the $500 resistance zone or even $520.
BNB price rebounds upward
In our last BNB price prediction, we discussed the possibility of further gains above the $400 resistance zone. The uptrend was still active and was able to push the price above the $400 level.
BNB is currently breaking the $450 resistance level and outperforming Bitcoin and Ethereum. On the 4-hours chart of the BNB/USD pair, a breakout occurred above the trend line connecting the $430 resistance level. It’s up more than 10% today and is trading above $470.
The highest price was reached around $478 and the price is currently trending upward. It is trading above the 23.6% Fib retracement level, rising from the $364 swing low to the $478 high.
The price is currently trading above $465 and the 100 simple moving average (4-hours). Immediate resistance is near the $475 level. The next resistance is near the $488 level. Clearly beyond the $488 area, the price could go even higher.
Source: BNBUSD on TradingView.com
When specified, the BNB price may test $500. A break above the $500 resistance could set up a larger upward pace towards the $520 resistance. Any further gains may require a test of the $542 level in the coming days.
Are deeps supported?
If BNB fails to clear the $475 resistance, a downward correction could begin. Initial support for the downside is near the $4620 level.
The next major support is near the $450 level. Key support lies at the 50% Fib retracement level of $420 or the rise from the $364 swing low to the $478 high. A downward breakout below the $420 support could push the price towards the $400 support. Any more losses could trigger a further decline towards the $380 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 – $460, $450, $420.
Key resistance levels – $475, $500, $520.
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