The BNB price attempts another increase from the $500 zone. The price could gain bullish momentum if it crosses the USD 588 and USD 610 resistance levels.
- BNB price started a new increase above the USD 520 and USD 540 levels.
- The price is now trading above USD 575 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $580 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could stage another rally if it breaks the $610 resistance zone.
BNB Price looks for new increase
After a downward correction from $645, BNB price found support near the $500 zone. A low was formed at $498 and the price started to rise again, just like Ethereum and Bitcoin.
There was a move above the USD 520 and USD 550 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $645 swing high to the $498 low. The price is now trading above USD 575 and the 100 simple moving average (4 hours).
There is also a major bullish trendline forming with support around $580 on the 4-hour chart of the BNB/USD pair. The immediate resistance is near the USD 588 level. It 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. A clear move above the $610 zone could see the price rise further. In the said case, BNB price could test $645. A close above the USD 645 resistance could set the pace for a bigger rise towards the USD 680 resistance. Any further gains could require a test of the $700 level in the coming days.
Another drop?
If BNB fails to clear the USD 610 resistance, it could trigger another decline. The initial downside support is near the $580 level and the trendline.
The next major support is near the $560 level. The main support is at $540. If there is a downside break below the USD 540 support, the price could fall towards the USD 500 support. Any further losses could trigger a bigger decline towards the $450 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 580, USD 560 and USD 540.
Major resistance levels – $598, $610 and $640.
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