Initially, the BNB price broke through the barrier of $525, triggering a new upward trend. Currently, it’s holding its ground, potentially preparing to push higher towards $550.
- BNB price started a fresh increase above the $525 resistance zone.
The price is now trading below $535 and the 100-hourly simple moving average.
There is a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $525 pivot level to start another increase in the near term.
BNB Price Settles Above $525
Ultimately, our conversation revolved around the potential for BNB‘s price to rise beyond the $525 barrier. Notably, it demonstrated stronger performance than both Ethereum and Bitcoin. It managed to break through the $525 and $535 thresholds.
As a researcher, I found an intriguing development in my analysis: The market testingly approached the $550 resistance zone, forming a peak at approximately $549.5. Subsequently, there was a noticeable downward adjustment in price. This correction led to a fall below the $545 mark. Interestingly, the price dip dipped slightly beneath the 23.6% Fibonacci retracement level of the bullish trend from the $507 swing low to the $549 high.
Currently, the BNB/USD pair’s trade value surpasses $535 and aligns above its 100-hour moving average. Additionally, a temporary upward trending channel is emerging on the hourly chart, with a support level at $540 for this pair.
If the price rises slightly, it might encounter obstacles around $548. Next, there’s potential resistance at approximately $550. A definitive surge beyond $550 may lead to further increases, possibly pushing the price towards $562.
Approaching the $562 barrier could initiate a more substantial advance toward the $580 resistance. If there are further increases, it may prompt a quick check at the $585 mark in the short term.
Are Dips Limited?
If BNB doesn’t manage to surpass the $550 barrier, it might trigger another drop in price. A potential floor could form around the $540 mark and the trend line of the channel. The subsequent significant support lies at approximately $525 level or the 61.8% Fibonacci retracement level from the price range between the $507 low and the $549 high.
If the key support holds at approximately $520, any significant fall below this point might trigger a further decrease in price towards the next support at around $505. Continued declines could potentially lead to a larger drop reaching the $500 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 – $540 and $525.
Major Resistance Levels – $548 and $550.
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2024-09-13 08:10