BNB Price May Have Another Chance For A Bullish Streak: Here’s How

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“The BNB price is trying to rise again from around $515. If it manages to surpass the $572 hurdle, the price may pick up more strength and move upward.”

    BNB price started a fresh increase after it found support near the $515 zone.
    The price is now trading below $555 and the 100 simple moving average (4 hours).
    There was a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    The pair could gain bullish momentum if it clears the $572 resistance zone.

BNB Price Faces Hurdles

Following a dip beneath $550, the BNB price encountered buying interest around the $515 region. The lowest point reached during this downtrend was $513.6. After forming this low, the coin’s value began to rebound, mirroring the trends of Ethereum and Bitcoin.

The price of BNB surpassed the barriers of $525 and $530, with bulls taking charge and driving it above the pivotal level of $540 and the 23.6% Fibonacci retracement mark of the decline from its $630 peak to its low at $513. Additionally, a significant trendline resistance at $540 on the BNB/USD 4-hour chart was breached.

The cost hasn’t surpassed $550 and the 100-hour moving average yet. A potential roadblock for further increase lies around $555. Further up, there’s resistance near $572 or at the 50% Fibonacci retracement mark of the price drop from the peak of $630 to the trough of $513.

BNB Price May Have Another Chance For A Bullish Streak: Here’s How

If the price breaks through the $572 barrier clearly, it may lead to even greater increases. For instance, the BNB price could potentially reach $600. Once $600 is surpassed and closed above as resistance, the path to $630 might open up for further growth. Any additional advancements could result in a challenge of the $650 mark in the near future.

Another Decline?

If BNB is unable to surpass the $572 resistance, there’s a risk it may initiate another drop. The lower boundary of support can be found around the $532 mark.

The price may find its next significant resistance around $520. Meanwhile, the primary support lies at $515. Should the price fall beneath this support, it might slide down towards the $500 mark. Further declines could potentially trigger a more substantial drop to hit the $465 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $532, $520, and $515.

Major Resistance Levels – $555, $572, and $600.

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2024-04-19 10:06