BNB Prepares for a Bullish Surge
BNB price recently experienced a downward correction from the $645 mark, finding support around $500. A new rally commenced, echoing the market movements of Ethereum and Bitcoin.
- The price surged past the $520 and $550 resistance levels.
- Bulls successfully pushed the price above the 50% Fib retracement level from the recent swing high to low.
- Currently, the price is trading above $575 and the 100 simple moving average (4 hours).
Bullish Trend Confirmation
A bullish trend line is taking shape with support around $580 on the BNB/USD 4-hour chart. The immediate hurdle lies near the $588 level, close to the 61.8% Fib retracement level from the recent swing.
Next up is the $610 resistance level. Breaking past this zone could catapult the price higher towards $645, setting the stage for a potential climb to $680. Further gains may even lead BNB towards the $700 threshold in the near future.
Possible Downside Scenario
If BNB struggles to surpass the $610 resistance, a downward trend may emerge. Initial support is seen near $580 and the established trend line, followed by a more significant support level near $560 and a critical level at $540.
- A breakdown below $540 could prompt a drop towards the $500 support.
- Further losses might trigger a more substantial decline towards the $450 mark.
Key Technical Indicators
- 4-Hours MACD – Showing bullish momentum in the BNB/USD pair.
- 4-Hours RSI – The RSI is currently above the 50 level, indicating positive sentiment.
Stay tuned for potential movements as the BNB price navigates crucial support and resistance levels:
- Major Support Levels – $580, $560, and $540.
- Major Resistance Levels – $598, $610, and $640.
Hot Take: Keep a Close Watch on BNB’s Trajectory
As BNB continues its price journey, monitor closely the $610 resistance level for potentially bullish outcomes. Conversely, a failure to break past this barrier could trigger a minor pullback, with support levels at $580, $560, and $540 expected to play crucial roles in guiding BNB’s price direction in the near term.
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