BNB price is attempting a fresh increase from the $550 zone. The price cleared the $600 resistance and might extend its increase above $630.
- BNB price started a fresh increase after it cleared the $550 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 $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $608-$610 resistance zone.
BNB Price Gains Strength
Once surpassing the $520 mark to establish a foundation, BNB‘s value began to climb again. It steadily rose beyond previous hurdles at $550 and $565, much like Ethereum and Bitcoin did.
The bulls managed to drive up the cost beyond the $580 mark, surpassing the pivot point and the 61.8% Fibonacci retracement level. Crucially, the current price is now above $580 and higher than the 100-simple moving average on the 4-hour chart.
The price is currently holding steady around 76.4% above the recent downtrend’s lowest point, between the $512 low and the previous high of $630 for BNB against the US Dollar. Additionally, a significant bullish trend line has emerged on the 4-hour chart, providing support at approximately $592.
Immediate resistance is near the $608 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price further higher. 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 $680 resistance. Any more gains might call for a test of the $720 level in the coming days.
Are Dips Supported?
If BNB is unable to surpass the $608 resistance, there’s a risk of a price drop. The first potential support for BNB lies around the $592 mark and the trendline.
The next major support is near the $585 level. The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 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 – $592, $585, and $570.
Major Resistance Levels – $608, $630, and $650.
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2024-04-23 08:28