BNB price rose further above $600 before facing sellers. The price has corrected gains and is now testing important support at $500.
- BNB price started a downside correction towards the $645 resistance zone.
- The price is now trading near $515 and the 100 simple moving average (4-hours).
- There is a bearish trendline forming with resistance near $520 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair may attempt a further rise if it remains above the $500 support zone.
BNB Price Maintains Support
In the latest BNB price prediction, we discussed the chances of further gains above the $550 resistance zone. The price continued to rise and broke many hurdles near the $580 level.
BNB even surpassed Bitcoin It is Ethereum with a move above the $600 resistance. Finally, it faced resistance near the $645 zone. A rally was formed near $645 and the price recently started a downside correction. There has been a move below the $600 level.
The price has fallen below the 23.6% Fibonacci retracement level of the upward move from the $365 swing low to the $645 high. The price is now trading near $515 and the 100 simple moving average ( 4 hours). Immediate resistance is near the $520 level.
There is also a bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair. The next resistance lies near the $550 level. A clear move above the $550 zone could push the price higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could reach $580. A close above $580 resistance could set the pace for a further rise towards $600 resistance. of US$645 in the next few days.
More losses?
If BNB fails to clear the $520 resistance, it could continue falling. Initial support on the downside is near the $500 level or the 50% Fibonacci retracement level of the upward movement from the $365 swing low to the $645 high.
The next major support is near the $470 level. The main support lies at $430. If there is a break below the $430 support, the price could fall towards the $400 support. begin a larger decline towards the $350 level.
Technical Indicators
4-hour MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $500, $470 and $430.
Main resistance levels – $520, $550 and $580.
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