As a seasoned crypto investor with a knack for spotting trends, I can confidently say that BNB is poised to soar higher. After weathering the storm at the $500 support, it’s now on an upward trajectory, reminiscent of a phoenix rising from the ashes. The price has surpassed key resistance levels and is currently trading above the 100-hourly SMA, a bullish sign indeed.
The BNB price is rebounding from its support at $500, suggesting a potential rise beyond $535 as it exhibits favorable trends.
- BNB price started a recovery wave from the $500 support zone.
The price is now trading above $515 and the 100-hourly simple moving average.
There is a key rising channel forming with resistance at $528 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $535-$538 resistance zone.
BNB Price Eyes More Upsides
Following the establishment of a platform surpassing $500, the BNB value began a noteworthy climb similar to both Ethereum and Bitcoin. It successfully breached the obstacles at $510 and $515, propelling it into a brief bullish phase.
As a crypto investor, I’ve noticed that the price has broken through the 50% Fibonacci retracement level from the peak at $5376 to the low at $499, and it’s also managed to overcome the $520 resistance. Currently, the price is hovering above $515 and is trading above the 100-hour moving average.
The price is currently approaching the 61% Fibonacci retracement point during its decline from the peak of $5376 to the low of $499. If it continues to rise, it may encounter resistance at around $528. Additionally, a notable ascending channel with an upper boundary at $528 is emerging on the hourly BNB/USD chart.
In simpler terms, if the price manages to surpass the $535 area, it could potentially reach $550. A break above the $550 barrier might initiate a stronger rise, possibly pushing the BNB price up toward $565. Any further growth may lead us to test the $580 level soon.
Another Decline?
Should BNB not surpass the $535 barrier, there’s a possibility of another drop. The initial support might be found at approximately $520. A more substantial support could be seen around $518.
In simpler terms, if the price falls below the current strong point ($508), it might lead to a further decrease in value towards the next potential support at $500. Further declines could potentially trigger a bigger drop down to around $480.
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 – $518 and $508.
Major Resistance Levels – $528 and $535.
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2024-08-14 08:10