BNB price is attempting a further rise from the $575 zone. The price is up more than 5% and bulls appear to be targeting a move above $620.
- BNB price began a fresh rise after finding support near the $575 zone.
- The price is now trading above $600 and the 100 simple moving average (4-hours).
- There is a bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it surpasses the $620 resistance zone.
BNB Price Could Rise 15%
After a downside correction below $600, BNB price found support near the $575 zone. A low was formed at $572.8 and the price started a new increase, on the contrary Ethereum It is Bitcoin.
There was a move above the $595 and $600 resistance levels. The bulls pushed the price above the $605 pivot level. It is up more than 5% and showing many positive signs above the Fibonacci retracement level of 23.6% of the recent increase from the swing low of $572.8 to the high of $618.0.
The price is now trading above $600 and the 100 simple moving average (4-hours). There is also a bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
The immediate resistance is near the $618 level. The next resistance is near the $620 level. A clear move above the $620 zone could push the price higher. In the stated case, BNB price could reach $632. A close above $632 resistance could set the pace for a further rise towards $650 resistance. of US$700 in the next few days.
Another decline?
If BNB fails to clear the $620 resistance, it could initiate a downside correction. Initial downside support is near the $600 level.
The next major support is near the $590 level and the trendline or 61.8% Fibonacci retracement level of the recent rise from the $572.8 swing low to $618.0 high. The main support lies at $575. If there is a break below the $575 support, the price could fall towards the $562 support. Further losses could start a bigger decline towards the $550 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, $585 and $575.
Main resistance levels – $620, $632 and $650.
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