BNB Price Sees Fresh Growth
BNB price has experienced a new surge after finding support near the $545 level. The price has now surpassed $560 and the 100 simple moving average (4 hours), indicating positive momentum.
Key Resistance Ahead
A key contracting triangle is forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. This signals a potential breakout if the price manages to clear the $590 resistance zone.
- BNB price found support near $545 after a downside correction from $620.
- Bulls pushed the price above the $560 and $565 resistance levels.
- The next major resistance levels to watch are $590, $620, and potentially $640.
Possible Decline Scenario
However, if BNB fails to break above the $590 resistance, it could lead to another decline. Initial support is seen near $555, followed by the $545 level and the main support at $532.
- If the price breaks below $532, it could drop towards the $500 support level.
- Further losses might trigger a larger decline towards $465.
Technical Indicators
The MACD for BNB/USD is showing bullish momentum on the 4-hour chart. The RSI is also above the 50 level, indicating a positive outlook for BNB price.
- Major Support Levels: $555, $545, and $532.
- Major Resistance Levels: $585, $590, and $620.
Closing Thoughts on BNB Price Movement
As the BNB price continues to show resilience and potential for growth, it is essential to monitor key resistance and support levels to gauge the future direction of the market. Keep an eye on the $590 resistance level for a potential breakout or a decline scenario towards the $532 support level.
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