The price of BNB is holding the $565 support zone. The price is now consolidating and could point to more gains above $590 in the near term.
- BNB price started a decent upward move from the $565 support zone.
- The price is now trading above $580 and the 100 hourly simple moving average.
- There was a break above a descending trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could extend its rise if it clears the $590 resistance in the near term.
BNB Price Sees More Upside
In the past few days, the BNB price has seen a decent upward movement from the $565 support zone, as Ethereum It is Bitcoin. The price managed to climb above the resistance levels of $572 and $580.
It even surpassed the $582 resistance. The current wave broke above the 50% Fib retracement level of the downward move from the $597 high to $568 low. Additionally, there was a break above a descending trend line with resistance at $582 on the hourly chart of the BNB/USD pair.
The price is now trading above $582 and the 100 hourly simple moving average. It is now consolidating near the 61.8% Fib retracement level of the downward move from the $597 high to $568 low.
On the upside, the price could face resistance near the $588 level. The next resistance lies near the $590 level. A clear move above the $590 zone could push the price higher. In the stated case, the BNB price could reach $600. A close above the $600 resistance could set the pace for a larger increase towards the $620 resistance. Any further gains may require a test of the $632 level in the near term.
Are dives limited?
If BNB fails to clear the $590 resistance, it could start a downside correction. The initial support on the downside is near the $582 level or the 100 hourly simple moving average.
The next major support is near the $575 level. The main support lies at $565. If there is a break below the $565 support, the price could decline towards the $550 support. Any more losses could start a larger decline towards the $532 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $582 and $575.
Key resistance levels – $590 and $600.