As a seasoned crypto investor with several years of experience, I have seen my fair share of market volatility and price movements. The recent upward trend of BNB price is something that has caught my attention due to its consistent and steady increase above key resistance levels.
The price of BNB has been steadily climbing upwards, surpassing the $550 resistance mark. Currently, it’s taking a pause in its upward trajectory and could potentially target further growth towards $585.
- BNB price started a decent upward move from the $500 support zone.
The price is now trading above $550 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $572 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could extend its increase if it clears the $588 resistance in the near term.
BNB Price Starts Fresh Increase
Over the past several days, the price of BNB has experienced a notable rise, bouncing off the $500 support mark, much like Ethereum and Bitcoin. It managed to surpass the hurdles at $535 and $550 in its upward trajectory.
The price has broken through the $570 barrier, reaching new heights. It has also moved beyond the 61.8% Fibonacci retracement level of the recent correction from the $587 peak to the $555 trough on the hourly chart. At present, the price is hovering above $550 and above the 100-hour moving average.
The BNB/USD pair is currently strengthening and moving above the 76.4% Fibonacci retracement level, which marks a significant point in the downside correction from the $587 peak to the $555 trough. Additionally, a bullish trend line is shaping up on the hourly chart, offering support at $572.
If we look on the positive side, the cost may encounter opposition around the $585 mark. The following resistance is located close to the $588 mark. Should the price successfully surpass the $588 region, it could potentially push the cost further upwards. Under these circumstances, the BNB price might attempt to reach the $600 threshold.
Reaching or surpassing the $600 mark could pave the way for a more significant rise, potentially pushing the price up to the $625 resistance. Further advancements may prompt a challenge of the $640 threshold in the near future.
Are Dips Supported?
If BNB is unable to surpass the $588 resistance, there’s a possibility for a price decline. The first level of support lies around $572 or at the trendline.
Based on my extensive experience in analyzing financial markets and studying price movements, I can confidently say that the next significant support level for the asset lies around $564. However, it is important to note that the primary support is currently situated at $550. Should the price succumb to a downward pressure and breach this support, there’s a high likelihood of further declines towards the $535 support. If this level is also broken, it could trigger a more pronounced downtrend leading us towards the $520 mark. My professional judgment comes from closely monitoring market trends, historical data analysis, and applying various technical indicators to make informed predictions.
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 – $572 and $564.
Major Resistance Levels – $588 and $600.
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2024-07-17 07:52