BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

The cost of BNB is trying to rise again from around $545. If it manages to surmount the barriers at $585 and $590, its value could pick up steam and trend upward.

    BNB price started a fresh increase after it found support near the $545 zone.
    The price is now trading above $560 and the 100 simple moving average (4 hours).
    There is a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    The pair could attempt a fresh rally if it clears the $590 resistance zone.

BNB Price Eyes Fresh Surge

Following a decrease in value from $620, the BNB price encountered support around the $545 area. A new low was established at $546.1. In contrast to Ethereum and Bitcoin, BNB then began to rise again.

Above the $560 and $565 thresholds, the price experienced a surge. The bulls managed to drive it past the 23.6% Fibonacci retracement mark of the downtrend from the $619 peak to the $546 trough. Presently, the price is above $560 and higher than the 100-simple moving average on the 4-hour chart.

The $585 mark is where we may encounter significant opposition in the near term for the BNB/USD pair. Additionally, a notable contracting triangle pattern emerges on the 4-hour chart, with resistance around $585. This level aligns with the roughly 50% Fibonacci retracement point of the decline from the peak at $619 to the trough at $546.

BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

An approaching resistance lies around the $590 mark. If the price breaks through this barrier, it may lead to additional growth, potentially reaching the $620 resistance. Should the BNB price surpass the $620 resistance with a solid close, it could pave the way for further advancement towards the $640 resistance. Further progression might result in a challenge at the $700 level in the near future.

Another Decline?

If BNB is unable to surpass the $590 resistance, there’s a chance it may initiate another drop. The initial floor in its price lies around the $555 mark and the trendline.

The next major support is near the $545 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 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 – $555, $545, and $532.

Major Resistance Levels – $585, $590, and $620.

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2024-04-04 07:52