8 months ago
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BNB price is gaining bullish momentum above the $550 resistance. The price is showing positive signs and might extend its rally above $650.
BNB price is up over 15% and it broke the $600 resistance zone. The price is now trading above $580 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $598 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could continue to rise toward the $650 resistance zone or even $700.BNB Price Extends Rally
In the last BNB price prediction, we discussed the chances of more 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. It is up over 10% today and trading above $600. A high was formed near $633 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $633 high.
The price is now trading above $600 and the 100 simple moving average (4 hours). Immediate resistance is near the $625 level. The next resistance sits near the $635 level. A clear move above the $635 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $700 resistance. Any more gains might call for a test of the $780 level in the coming days.
Dips Limited?
If BNB fails to clear the $635 resistance, it could start a downside correction. Initial support on the downside is near the $600 level and the trend line.
The next major support is near the $570 level. The main support sits at $500 or the 50% Fib retracement level of the upward move from the $364 swing low to the $633 high. If there is a downside break below the $500 support, the price could drop toward the $450 support. Any more losses could initiate a larger decline toward the $420 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $600, $570, and $500.
Major Resistance Levels – $635, $650, and $700.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
