BNB is trying to increase its price from $575. Price is over 5% higher and bulls are aiming to move the price above $620.
- BNB’s price began a new increase when it reached support around $575.
- Price is trading now above the $100 simple moving average and $600.
- On the 4-hour BNB/USD chart, there is a strong bullish trendline with a support level of $587 (data from Binance).
- If the pair clears $620, it could start to gain momentum.
BNB price could increase by 15%
BNB’s price recovered from a correction to the downside below $600 and found support in the $575 area. The price began to rise after a low at $572. Ethereum You can also find out more about the following: Bitcoin.
The price moved above $595 and $605. Bulls drove the price over the pivotal $605 level. The price is now up more than 5%, and it shows many positive signals above the Fib level 23.6% retracement of the recent rise from the swing low at $572.8 to the high at $618.0.
Price is trading now above the moving average of 100 (4 hours) and $600. On the 4-hour BNB/USD chart, a bullish trendline is forming at support $587.
Source: BNBUSD at TradingView.com
The immediate resistance lies near $618. Next resistance is near $620. The price could move higher if the market moves above $620. BNB’s price may test $632 in the case stated. If the price closes above $632, it could set in motion a bigger increase towards the $650 level. If the market gains more, it may be necessary to test the $700 mark in the next few days.
A New Decline?
BNB could begin a correction to the downside if it fails to break through $620. The initial support for the downside lies near $600.
Near the 590 level is the next significant support. This level also contains the trendline or the Fib level of 61.8% retracement for the recent rise from the swing low at $572.8 to the high at $618.0. The primary support is $575. The price may drop to $562 if the support at $575 is broken. If the price continues to fall, it could reach $550.
Technical Indicators
MACD 4-Hours – BNB/USD MACD is moving up in the bullish area.
The relative strength index (RSI) for BNB/USD has risen above 50.
The major support levels are $600, $585 and $575.
The major resistance levels are $620, 632 and $650.
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Aayush Jindal
Aayush has been a senior Forex, Cryptocurrencies and Financial Markets Strategist for over 15 years. Aayush is specialized in technical and market analysis, and has been observing and contributing to the financial markets for over 15 years. In addition, he founded an IT firm and is dedicated to providing software of the highest quality. Aayush is known for having strong analytical skills. He also provides entertaining and educational analyses of currency, commodity, Bitcoin and Ethereum markets. Follow him @AayushJs on Twitter.