BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and could extend its rally above $650.
- BNB price rose over 15% and broke the $600 resistance zone.
- The price is now trading above $580 and the 100 simple moving average (4-hours).
- There is a bullish trendline forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair may continue rising towards the $650 or even $700 resistance zone.
BNB price extends rally
In the latest BNB price prediction, we discussed the chances of further gains above the $500 Resistance Zone. The price continued to rise and broke many hurdles near the $550 level.
BNB is now outperforming Bitcoin and Ethereum with a move above the $580 resistance. Today it is up more than 10% and is trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upward move from the $364 swing low to $633 high.
The price is now trading above $600 and the 100 simple moving average (4-hours). The immediate resistance is near the $625 level. The next resistance is near the $635 level. A clear move above the $635 zone could push the price higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could reach $650. A close above $650 resistance could set the pace for a further rise towards $700 resistance. of US$780 in the next few days.
Limited dives?
If BNB fails to clear the $635 resistance, it could initiate a downside correction. Initial downside support is near the $600 level and trendline.
The next major support is near the $570 level. Major support lies at $500 or the 50% Fibonacci retracement level of the upward movement from the $364 swing low to the $633 high. If there is a break below the $500 support, the price could fall towards the $450 support. Further losses could start a larger decline towards the $420 level.
Technical Indicators
4-hour MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $600, $570 and $500.
Main resistance levels – $635, $650 and $700.
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