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.
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