BNB Price Starts Fresh Increase—Can Bulls Sustain the Momentum?

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BNB price is recovering from the $550 support zone. The price is rising and might aim for a fresh move toward the $635 resistance.


  • BNB price is moving higher above the $585 resistance zone.

  • The price is now trading below $595 and the 100-hourly simple moving average.

  • There is a connecting bullish trend line forming with support at $600 on the hourly chart of the BNB/USD pair (data source from Binance).

  • The pair must stay above the $588 level to start another increase in the near term.


BNB Price Eyes Fresh Surge


After forming a base above the $550 level, BNB price started a fresh increase. There was a move above the $565 and $570 resistance levels. It even recovered above the $588 level, beating Ethereum and Bitcoin.


There was a decent move above the 50% Fib retracement level of the downward move from the $637 swing high to the $548 low. There is also a connecting bullish trend line forming with support at $600 on the hourly chart of the BNB/USD pair.


However, the bears seem to be active near the $605 and $606 levels. The price is now trading above $600 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $606 level.


BNB Price


The next resistance sits near the $616 level or the 76.4% Fib retracement level of the downward move from the $637 swing high to the $548 low. A clear move above the $616 zone could send the price higher. In the stated case, BNB price could test $635. A close above the $634 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term.


Another Decline?


If BNB fails to clear the $606 resistance, it could start another decline. Initial support on the downside is near the $600 level. The next major support is near the $595 level.

The main support sits at $588. If there is a downside break below the $588 support, the price could drop toward the $570 support. Any more losses could initiate a larger decline toward the $565 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.

Major Support Levels – $600 and $595.

Major Resistance Levels – $606 and $616.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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