As a seasoned crypto researcher with years of market analysis under my belt, I must say that the recent surge in BNB prices has caught my attention. The price break above the $550 resistance zone is a significant milestone, and if history repeats itself, we might be looking at more gains for BNB.
The BNB price has surged past the $550 barrier, now stabilizing around $600, potentially heading towards further growth.
- BNB price started a fresh increase above the $550 resistance zone.
The price is now trading below $580 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $575 level to start another increase in the near term.
BNB Price Extends Rally
Over the last several days, BNB has shown superior performance compared to both Ethereum and Bitcoin. It’s been holding strong above the $535 mark and is now pushing upwards beyond the $542 resistance level.
There was a move above the $550 and $565 resistance levels. The price even surged above $580 and tested the $600 resistance zone. A high is formed at $599.7 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $576 swing high to the $600 high.
Currently, the price is dipping under $585 and aligning with the 100-hour moving average. Additionally, a significant uptrend line is shaping up on the hourly chart of BNB/USD, offering support at $585. This trend line is approaching the 61.8% Fibonacci retracement level stemming from the price rise from $576 to $600.
As I observe the current trend, should there be an uptick, I anticipate potential price resistance around the $600 mark. Following this, further resistance could be encountered at approximately $608. If we manage to break above the $608 barrier, it may propel the price upward. In this scenario, the BNB price might challenge the $620 resistance. A successful close above the $620 level could pave the way for a more substantial move towards the $635 resistance. Any additional gains could potentially prompt a near-term test of the $650 level.
Are Dips Supported?
If BNB doesn’t manage to surpass the $600 mark, there might be a potential drop in price. The initial floor for this decline could be around $588. The subsequent significant support lies at approximately $585, along with the trendline.
Should the main support at $575 be breached on the downside, the price might decrease towards the next support at $560. Further declines could potentially trigger a larger fall towards the $550 region.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $585 and $575.
Major Resistance Levels – $600 and $608.
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2024-09-23 12:41