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BNB price started a fresh increase and cleared the $500 pivot zone. The price is now consolidating gains and might aim for more gains above $525.
BNB price started a fresh increase above the $500 resistance zone.
The price is now trading below $510 and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $500 pivot level to start another increase in the near term.
BNB Price Settles Above $500
After forming a base above the $470 level, BNB price started a fresh increase like Ethereum and Bitcoin. The price was able to climb above the $488 and $500 resistance levels.
It even cleared the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high.
Besides, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hourly simple moving average.
If there is a fresh increase, the price could face resistance near the $518 level. The next resistance sits near the $525 level. A clear move above the $525 zone could send the price higher. In the stated case, BNB price could test $535.
A close above the $535 resistance might set the pace for a larger move toward the $550 resistance. Any more gains might call for a test of the $562 level in the near term.
Another Decline?
If BNB fails to clear the $525 resistance, it could start another decline. Initial support on the downside is near the $510 level. The next major support is near the $500 level.
The main support sits at $492. If there is a downside break below the $492 support, the price could drop toward the $470 support. Any more losses could initiate a larger decline toward the $450 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $510 and $500.
Major Resistance Levels – $518 and $525.
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* 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.
