BNB price is attempting a new rise in the $515 range. A break out of the $572 resistance area could allow the price to gain bullish momentum.
- BNB price started a new rise after finding support near $515.
- The price is currently trading below $555 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair, a breakout occurred above the main bearish trend line with resistance at $540 (data source from Binance).
- A break above the $572 resistance zone could provide bullish momentum.
BNB Price Faces Hurdles
After being downgraded below $550, BNB price found support near $515. A low was formed at $513.6 and the price began a recovery wave like Ethereum and Bitcoin.
There was a move above the $525 and $530 resistance levels. The bulls pushed the price above the $540 pivot level and the 23.6% Fib retracement level for a downward move from the $630 swing high to the $513 low. Additionally, a breakout occurred above the main bearish trendline at $540, which is the resistance level on the 4-hours chart of the BNB/USD pair.
The price is still trading below $550 and the 100 simple moving average (4-hours). Immediate resistance is near the $555 level. The next resistance is near the $572 level or the 50% Fib retracement level of the downside move from the $630 swing high to the $513 low.
Source: BNBUSD on TradingView.com
A clear break above the $572 area could push the price even higher. As stated, the BNB price may test $600. A break above the $600 resistance could set up a larger upward pace towards the $630 resistance. More gains may require a test of the $650 level in the coming days.
Another decline?
If BNB fails to clear the $572 resistance, it could begin another downtrend. Initial support for the downside is near the $532 level.
The next major support is near the $520 level. The main support level is $515. A downward breakout below the $515 support may 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 losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $532, $520, $515.
Key resistance levels – $555, $572, $600.
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