BNB Price Regains Strength As The Bulls Aim For $650

by

The BNB price is trying to climb anew from around $575. It has risen by more than 5%, with buyers intending to push it beyond $620.

    BNB price started a fresh increase after it found support near the $575 zone.
    The price is now trading above $600 and the 100 simple moving average (4 hours).
    There is a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair (data source from Binance).
    The pair could gain bullish momentum if it clears the $620 resistance zone.

BNB Price Could Surge 15%

Following a dip under $600, the price of BNB bounced back, finding stability around the $575 region. The lowest point during this decline was recorded at $572.8. In contrast to Ethereum and Bitcoin, BNB initiated a new upward trend.

The price surpassed the barriers at $595 and $600, with bulls driving it past the significant level at $605. It has now risen by over 5%, exhibiting numerous optimistic indicators above the 23.6% Fibonacci retracement mark of its recent uptrend from $572.8 to $618.0.

The current price of $600 for BNB against the US dollar is now hovering above its 100-period moving average on the 4-hour chart, while a significant bullish trend line is emerging with a support level at $587.

Immediate resistance is near the $618 level. The next resistance sits near the $620 level. A clear move above the $620 zone could send the price further higher. In the stated case, BNB price could test $632. A close above the $632 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB doesn’t manage to surpass the $620 barrier, there is a risk of a price decrease. The first level of support in this scenario can be found around $600.

The next major support is near the $590 level and the trend line or the 61.8% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $562 support. Any more losses could initiate a larger decline toward the $550 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 – $600, $585, and $575.

Major Resistance Levels – $620, $632, and $650.

Read More

2024-04-11 08:28