BNB price is attempting a new rise in the $545 range. A break above the $585 and $590 resistance levels could see the price gain bullish momentum.
- BNB price started a new rise after finding support near $545.
- The price is currently trading above $560 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair, there is a major contraction triangle with resistance forming near $585 (data source from Binance).
- A break above the $590 resistance area could trigger a new rally.
BNB price surges eye-fresh
BNB price was revised downward from $620 and then found support near $545. Unlike Ethereum or Bitcoin, the lowest point was formed at $546.1 and the price began a new rise.
There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downside move from the $619 swing high to the $546 low. The price is currently trading above $560 and the 100 simple moving average (4-hours).
Immediate resistance is near the $585 level. There is also a major contracting triangle with resistance forming near $585 on the 4-hours chart of the BNB/USD pair. This is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low.
Source: BNBUSD on TradingView.com
The next resistance is near the $590 level. The price could go even higher once it’s clearly out of the $590 area. As stated, the BNB price could test $620. A break above the $620 resistance could set up a larger upward pace towards the $640 resistance. More gains may require a test of the $700 level in the coming days.
Another decline?
If BNB fails to clear the $590 resistance, it could begin another downtrend. Initial support for the downside is near the $555 level and trend line.
The next major support is near the $545 level. The main support level is $532. A downward breakout below the $532 support could push the price towards the $500 support. Any more losses could trigger a deeper decline towards the $465 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 – $555, $545, $532.
Key resistance levels – $585, $590, $620.
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