BNB price started a new increase above the $542 resistance zone. The price is now consolidating gains and could point to more gains above $550.
- BNB price started a fresh increase above the $540 resistance zone.
- The price is now trading below $550 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must remain above the $540 pivot level to start another increase in the near term.
BNB Price Regains Traction
In recent days, BNB has outperformed Ethereum and Bitcoin. It remained steady above $525 and started another increase above the $535 resistance zone.
There was a move above the $542 and $545 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $562 high to $527 low. However, the bears are now active near the $550 resistance zone.
The price is now trading below $550 and the 100 hourly simple moving average. If there is a fresh increase, the price might face resistance near the $550 level. There is also a bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fibonacci retracement level of the downward move from the $562 swing high to $527 low.
The next resistance lies near the $558 level. A clear move above the $558 zone could push the price higher. In the stated case, the BNB price could reach $565. A close above the $565 resistance could set the pace for a larger move towards the $580 resistance. Any further gains may require a test of the $592 level in the near term.
Are dives supported?
If BNB fails to clear the $550 resistance, it could start another decline. The initial support on the downside is near the $544 level. The next major support is near the $540 level.
The main support lies at $535. If there is a break below the $535 support, the price could decline towards the $520 support. Any more losses could start a larger decline towards the $505 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $540 and $535.
Key resistance levels – $550 and $558.