BNB price is attempting a new rise in the $500 range. The price could gain bullish momentum if it breaks the resistance levels of $588 and $610.
- BNB price began a new rise above the $520 and $540 levels.
- The price is currently trading above $575 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 near $580 (data source from Binance).
- A break above the $610 resistance area could trigger a new rally.
BNB price surges eye-fresh
BNB price was revised downward from $645 and then found support near $500. A low was made at $498 and the price began a new rise, similar to Ethereum and Bitcoin.
There was a move above the $520 and $550 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downside move from the $645 swing high to the $498 low. The price is currently trading above $575 and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $580 on the 4-hours chart of the BNB/USD pair. Immediate resistance is near the $588 level. This is close to the 61.8% Fib retracement level of the downward move from the $645 swing high to the $498 low.
Source: BNBUSD on TradingView.com
The next resistance is near the $610 level. The price could go even higher if it breaks clearly into the $610 area. As noted, the BNB price could test $645. A close above the $645 resistance line could set up a larger upward pace towards the $680 resistance line. More gains may lead to a test of the $700 level in the coming days.
Another decline?
If BNB fails to clear the $610 resistance, it could begin another downtrend. Initial support for the downside is near the $580 level and trend line.
The next major support is near the $560 level. The main support level is $540. A downward breakout below the $540 support could push the price towards the $500 support. Any more losses could trigger a further decline towards the $450 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 – $580, $560, $540.
Key resistance levels – $598, $610, $640.
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