BNB price is gaining bullish momentum above the $550 resistance level. The price is showing positive signs and may continue its upward trend above $650.
- BNB price rose by more than 15% and broke the $600 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 with support at $598 (data source from Binance).
- The pair may continue to rise towards the $650 resistance zone or even $700.
BNB price rebounds upward
In our last BNB price prediction, we discussed the possibility of further gains above the $500 resistance zone. The price continued to rise, breaking many hurdles near the $550 level.
BNB is currently breaking the $580 resistance level and outperforming Bitcoin and Ethereum. It’s up more than 10% today and is trading above $600. The highest price was formed around $633 and the price is currently showing an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $364 swing low to the $633 high.
The price is currently trading above $600 and the 100 simple moving average (4-hours). Immediate resistance is near the $625 level. The next resistance is near the $635 level. Clearly beyond the $635 area, the price could go even higher.
Source: BNBUSD on TradingView.com
As stated, the BNB price could test $650. A break above the $650 resistance could set up a larger upward pace towards the $700 resistance. More gains may lead to a test of the $780 level in the coming days.
Dips Limited?
If BNB fails to clear the $635 resistance, a downward correction could begin. Initial support for the downside is near the $600 level and trend line.
The next major support is near the $570 level. Key support lies at the $500 or 50% Fib retracement level rising from the $364 swing low to the $633 high. A downward breakout below the $500 support may push the price towards the $450 support. Any more losses could trigger a deeper decline towards the $420 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, $570, $500.
Key resistance levels – $635, $650, $700.
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