BNB Price Reclaims $500: Can Bulls Maintain the Push?

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Initially, the BNB price began a new upward trend and surpassed the significant resistance level at $500. Currently, it’s holding its ground, potentially planning to advance further and reach levels above $525.

    BNB price started a fresh increase above the $500 resistance zone.
    The price is now trading below $510 and the 100-hourly simple moving average.
    There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance).
    The pair must stay above the $500 pivot level to start another increase in the near term.

BNB Price Settles Above $500

Following its establishment of a platform surpassing the $470 mark, the BNB value embarked on a new growth trajectory similar to that of Ethereum and Bitcoin. This upward trend allowed it to surmount the obstacles at the $488 and $500 price points.

It even cleared the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high.

Additionally, a downward break occurred under a significant bullish trendline that offered support at approximately $517 in the hourly BNB/USD chart. Currently, the pair’s price is above $510 and also higher than its 100-hour moving average.

If we see a new price rise, it might encounter obstacles around the $518 mark. Further resistance can be found close to $525. Overcoming the $525 area could potentially push the price upwards, possibly leading us to examine the $535 level for BNB.

Approaching a break above $535 could initiate a larger advance, potentially reaching the $550 barrier next. If prices continue to rise, they may soon encounter the $562 mark as an immediate challenge.

Another Decline?

Should BNB be unable to surpass the $525 barrier, a potential further drop might ensue. A first line of defense on the lower end lies around $510. The significant support below that can be found at approximately $500.

Should the principal level at $492 experience a breakdown, the value might slide towards the secondary support at $470. Further falls may trigger a larger descent, potentially reaching the $450 mark.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $510 and $500.

Major Resistance Levels – $518 and $525.

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2024-09-11 07:52