BNB is trying to increase its price from $550. Price cleared $600 resistance, and may extend its rise above $630.
- BNB’s price began a new increase once it had cleared $550.
- Price is trading now above $580, and 100 Simple Moving Average (4 Hours).
- On the 4-hour BNB/USD chart, there is a strong bullish trendline with the support level at $592 (data from Binance).
- If the pair clears $608 – 610, it could start to gain momentum.
BNB Prices Gain Strength
BNB’s price began a new rise after forming a strong base over the $520 mark. The price of BNB increased steadily above $550 and $565 levels. Ethereum You can also find out more about the following: Bitcoin.
Bulls have pushed price up above $580 and the Fib level for 61.8% of the decline from $630 swing low to $512 bottom. The price has now traded above the $580 pivot level and the simple moving average (four-hour) of the downward wave from the $630 swing high to the $512 low.
The price is currently consolidating at the level of 76.4% Fib, which represents the lower wave that has been descending from the swing high $630 to the low $512. On the 4-hour BNB/USD chart, a bullish trendline is forming at support of $592.
Source: BNBUSD at TradingView.com
The immediate resistance level is around $608 Next resistance is near $630. The price could move higher if the market moves above $630. BNB’s price may test $650 in the case stated. If the price closes above $650, it could set in motion a bigger increase towards the $680 level. If the market continues to gain, it may be necessary for the level of $720 to be tested in the next few days.
Are Dips Supported?
BNB could begin a correction to the downside if it fails to break through resistance at $608. The initial support for the downside lies near $592 and the trendline.
Near $585 is the next significant support. Main support is $570. The price may drop towards the $550 level if the support at $570 is broken. If the price continues to fall, it could reach $532.
Technical Indicators
MACD 4-Hours – BNB/USD MACD is moving up in the bullish area.
4-Hours RSI – BNB/USD RSI is above 50.
Major Support Levels: $592, 585 and $570.
The major resistance levels are $608, $630 and $650.
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Aayush Jindal
Aayush has been a senior Forex, Cryptocurrency, and Financial Markets Strategist for over 15 years. Aayush is specialized in technical and market analysis, and he 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.