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Home»EXCHANGE NEWS»If BNB price can hold this key support, it could begin a rebound again.
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If BNB price can hold this key support, it could begin a rebound again.

By Crypto FlexsMarch 20, 20243 Mins Read
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If BNB price can hold this key support, it could begin a rebound again.
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BNB price rose further to over $600 before facing sellers. The price has corrected gains and is currently testing the important support at $500.

  • BNB price began a downward correction at the $645 resistance zone.
  • The price is currently trading near $515 and the 100 simple moving average (4-hours).
  • There is a major bearish trendline forming on the 4-hours chart of the BNB/USD pair with resistance near $520 (data source from Binance).
  • If it stays above the $500 support area, a fresh increase can be attempted.

BNB price maintains support

In our last BNB price prediction, we discussed the possibility of further gains above the $550 resistance zone. The price continued to rise, breaking many hurdles near the $580 level.

BNB also surpassed the $600 resistance line and outperformed Bitcoin and Ethereum. It finally encountered resistance near $645. A high was made near $645 and the price recently began a downward correction. There was a move below the $600 level.

Prices fell below the 23.6% Fib retracement level, rising from the $365 swing low to the $645 high. The price is currently trading near $515 and the 100 simple moving average (4-hours). Immediate resistance is near the $520 level.

There is a major bearish trendline forming on the 4-hours chart of the BNB/USD pair with resistance near $520. The next resistance is near the $550 level. The price could go even higher once it’s firmly in the $550 area.

Source: BNBUSD on TradingView.com

As stated, the BNB price could test $580. A close above the $580 resistance line could set up a larger upward pace towards the $600 resistance line. More gains may require a test of the $645 level in the coming days.

Are there more losses?

If BNB fails to clear the $520 resistance, it may continue to fall. Initial support on the downside is near the $500 level or the 50% Fib retracement level of the rise from the $365 swing low to the $645 high.

The next major support is near the $470 level. The main support level is $430. A downward breakout below the $430 support may push the price towards the $400 support. Any more losses could trigger a further decline towards the $350 level.

technical indicators

4-Hour MACD – The MACD for BNB/USD is pacing in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Key support levels – $500, $470, $430.

Key resistance levels – $520, $550, $580.

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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