BNB price has been holding the $565 support zone and is now consolidating, potentially aiming for gains above $590 in the near term. This article examines the factors influencing BNB’s price movement and its potential to reach $600.
Points
- BNB price started a decent upward move from the $565 support zone.
- The price is now trading above $580 and the 100-hourly simple moving average.
- A break above a key bearish trend line with resistance at $582 on the hourly chart suggests further gains.
- BNB could extend its increase if it clears the $590 resistance.
- Technical indicators and support/resistance levels are analyzed.
BNB price is holding the $565 support zone and is now consolidating, potentially aiming for more gains above $590 in the near term. In the past few days, BNB price saw a decent upward move from the $565 support zone, similar to Ethereum and Bitcoin. The price was able to climb above the $572 and $580 resistance levels.
It even cleared the $582 resistance. The current wave surpassed the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low. Additionally, there was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair.
The price is now trading above $582 and the 100-hourly simple moving average. It is now consolidating near the 61.8% Fib retracement level of the downward move from the $597 swing high to the $568 low.
BNB/USD Price Chart | Source: TradingView
BNB Price Eyes More Upsides
On the upside, the price could face resistance near the $588 level. The next resistance sits near the $590 level. A clear move above the $590 zone could send the price higher. In this scenario, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term.
Are Dips Limited?
If BNB fails to clear the $590 resistance, it could start a downside correction. Initial support on the downside is near the $582 level or the 100-hourly simple moving average. The next major support is near the $575 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level.
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: $582 and $575.
- Major Resistance Levels: $590 and $600.
Analysis
- Upward Momentum: BNB’s recent upward movement and break above key resistance levels indicate strong bullish momentum.
- Technical Support: Technical indicators such as the MACD and RSI support the potential for further gains.
- Key Levels: Identifying critical support and resistance levels helps in understanding potential price movements and risks.