BNB Price Targeting $600: Can It Reclaim This Milestone?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen bull runs and bear markets come and go. The current consolidation of BNB price around the $565 support zone is reminiscent of a cat toying with a mouse before pouncing – it’s just a matter of time before BNB makes its move above $590, in my humble opinion.

The current BNB price seems stable around the $565 support level, suggesting potential future growth towards approximately $590 in the short term, as it’s currently experiencing a period of consolidation.

    BNB price started a decent upward move from the $565 support zone.
    The price is now trading above $580 and the 100-hourly simple moving average.
    There was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data source from Binance).
    The pair could extend its increase if it clears the $590 resistance in the near term.

BNB Price Eyes More Upsides

Over the last several days, the BNB price has experienced a significant increase, starting from the $565 support level, much like Ethereum and Bitcoin. It managed to surpass the resistance at $572 and $580.

The latest upward movement in the BNB/USD pair has exceeded the 50% Fibonacci retracement level from the price range between $597 (high) and $568 (low), surpassing a significant resistance at $582 as well. Additionally, it breached an important bearish trend line that had been established around this same resistance point on the hourly chart.

Currently, the price is hovering above $582 and slightly above its 100-hour moving average. It’s currently stabilizing near the 61.8% Fibonacci retracement level of the recent downtrend from the peak at $597 to the trough at $568.

BNB Price Targeting $600: Can It Reclaim This Milestone?

Looking on the positive side, the price might encounter resistance around the $588 mark. Following this, additional resistance can be expected at approximately $590. If the price manages to break above the $590 region, it could potentially push higher. In such a scenario, the BNB price may attempt to reach $600. A successful close above the $600 barrier could pave the way for further growth towards the $620 resistance. Further increases might prompt a test of the $632 level in the near future.

Are Dips Limited?

Should BNB not manage to surpass the $590 barrier, there’s a possibility of a price drop commencing. The first significant support might be found around the $582 mark, which is also close to the 100-hour moving average.

If the price continues to fall, it might first encounter significant support around $575. This main line of defense is also strengthened at $565. Should the price drop below this point ($565), it could potentially slide further down towards the secondary support at $550. Any additional decreases in price may trigger a more substantial fall, possibly reaching the level of $532.

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 – $582 and $575.

Major Resistance Levels – $590 and $600.

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2024-07-31 08:10