As an experienced analyst, I believe that BNB price is showing positive signs of recovery after a period of bearish trend. The recent upward move from the $472 support zone is a promising development for the token’s bulls. With the price now trading above key resistance levels like $500 and the 100-hourly simple moving average, I believe that BNB could aim for more gains above $530 in the near term.
The price of BNB has rebounded, surpassing the $500 barrier. Currently, it’s taking a pause to consolidate before potentially advancing further towards $530.
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BNB price started a decent upward move from the $472 support zone.
The price is now trading above $500 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could extend its recovery wave if it clears the $530 resistance in the near term.
BNB Price Starts Recovery
Over the last several days, the price of BNB bounced back strongly from its support at around $472, reminiscent of Ethereum and Bitcoin‘s recent trends. Notably, it surpassed the obstacles at $495 and $500.
The price surpassed the $520 barrier, but bears emerged around the $530 mark. A new peak was reached at $529.2. Currently, the market is pausing to consolidate its advances. It presently trades above the 23.6% Fibonacci retracement level, which marks a significant upward trend from the $471 support to the $529 peak.
The current hourly price for BNB/USD hovers above the $520 mark and the 100-hour moving average. Additionally, a notable rising trendline channel emerges on the hourly chart, offering support at $518.
As a researcher studying the potential price movements of BNB, I would note that should another recovery wave emerge, there is a likelihood of encountering resistance around the $530 mark. Subsequently, the next level of resistance lies near $542. A decisive break above the $542 barrier could potentially propel the price further upwards. In the event of this scenario unfolding, BNB may challenge the $550 level.
If the price breaks through and stays above the $550 mark, it could pave the way for further growth, potentially reaching the $565 resistance. Should this happen, there’s a possibility that the market will push towards the $580 threshold in the near future.
Another Decline?
Should BNB be unable to surmount the $530 resistance, there’s a risk of a new downtrend commencing. A potential floor in the event of a drop lies around $520 or the trendline.
As an analyst, I’d advise that the next significant level of support lies around $508. This level aligns with the primary support at $500 and the 50% Fibonacci retracement mark of the rally from the $471 swing low to the $529 peak. Should the price breach below the $500 support, it may trigger a decline towards the $485 level. Further losses could potentially ignite a more substantial drop down to the $472 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 near the 50 level.
Major Support Levels – $520 and $500.
Major Resistance Levels – $530 and $542.
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2024-07-11 08:12