As an experienced analyst, I believe that BNB price is showing positive signs of a potential bullish trend. The recent increase from the $540 zone is significant, as it has allowed the price to surpass key resistance levels such as $580 and the 100 simple moving average (4 hours). Furthermore, the formation of a bullish trend line with support at $592 adds credence to this bullish outlook.
The BNB price is making a new push upward, aiming for a breakthrough past the $540 mark. However, in order to fuel a strong bullish trend, it needs to surmount the resistance at $600.
- BNB price started a fresh increase after it cleared the $565 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 $602-$610 resistance zone.
BNB Price Holds Support
As a researcher studying the cryptocurrency market trends, I’ve observed that the price of BNB formed a solid foundation above the $535 mark. Subsequently, there was an uptrend with a consistent rise above the resistance levels of $565 and $575, similar to Ethereum and Bitcoin.
The bulls have successfully driven up the price beyond the $580 marker, surpassing both the pivot point and the 61.8% Fibonacci retracement level following the downward trend from the $618 peak to the $5382 trough. Currently, the market hovers above $590 and rests above the 4-hour 100 simple moving average.
As an analyst, I’ve noticed an emerging uptrend line on the 4-hour chart of BNB/USD pair with a crucial support at $592. The pair appears to be taking a breather around the 76.4% Fibonacci retracement level, which is a significant level in technical analysis, marking nearly three quarters of the downward move from the $618 peak to the $5382 trough.
Near the $602 mark, you’ll encounter strong resistance. At around $618, there’s another resistance point. Overcoming this hurdle at $618 might push the price even higher.
As a crypto investor, if BNB‘s price reaches $635 in this scenario, breaking above it could signal a significant upward trend towards $650. Surpassing $650 might then lead to a challenge of the resistance at $680 in the near future.
Are Dips Supported?
As a researcher studying the price movements of Binance Coin (BNB), if it is unable to surpass the $602 resistance, I would anticipate a potential correction. The initial support for BNB during this downturn can be found near the $592 mark and the trendline.
As an analyst, I’d interpret the current market situation this way: The next significant floor for prices is around $578. Meanwhile, the primary support lies at $555. If the price falls below this crucial support, it may trigger a further decline towards the $530 level. Any additional losses could potentially set off a more extensive downtrend, pushing the price down to the $520 support.
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, $578, and $555.
Major Resistance Levels – $602, $618, and $650.
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2024-05-10 11:28