Initially, the BNB cost broke through the resistance barrier at around $542, and now it’s holding steady while potentially targeting further growth beyond $550.
- BNB price started a fresh increase above the $540 resistance zone.
The price is now trading below $550 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $540 pivot level to start another increase in the near term.
BNB Price Regains Traction
Over the last several days, BNB has surpassed both Ethereum and Bitcoin in performance. It has maintained a steady position above $525 and is now experiencing further growth beyond its previous resistance level at $535.
Previously, the price surpassed the hurdles at $542 and $545, also exceeding the 50% Fibonacci retracement level from the fall between the $562 peak to the $527 trough. Yet, it seems the bears have become more active in the vicinity of the $550 resistance area.
Currently, the price is currently dipping below $550 and the 100-hour moving average. If there’s a new rise, the price might encounter resistance around the $550 mark. Additionally, a significant bearish trend line is forming with resistance at $550 on the hourly chart of the BNB/USD pair. This trend line is near the 61.8% Fibonacci retracement level of the downward move from the peak of $562 to the low of $527.
In simpler terms, if the BNB price manages to surpass the $558 mark, it could potentially rise further and challenge the $565 level next. Breaking above $565 might pave the way for a more significant move towards $580. Further growth might lead us to expect a test of the $592 level in the near future.
Are Dips Supported?
Should BNB not manage to surpass the $550 barrier, there’s a chance of another price drop. A potential initial floor might be around $544. If it continues to decline, significant support could be found at approximately $540.
If the price falls beneath the significant support at $535, it might lead to further decreases towards the next potential support at $520. Further declines beyond that point could trigger a larger downward trend approaching the $505 level.
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 – $540 and $535.
Major Resistance Levels – $550 and $558.
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2024-09-18 08:10