BNB Price Soars Above $580, Bulls Eyeing $602 Resistance
BNB price has experienced a significant uptick after surpassing the $565 resistance zone. Currently trading above $580 and the 100 simple moving average on the 4-hour chart, BNB is showing signs of bullish momentum. A key bullish trend line with support at $592 on the BNB/USD pair chart is forming, indicating a potential further upward movement.
BNB Price Holds Support
Following a base formation above $535, BNB price initiated a fresh uptrend, breaking through resistance levels at $565 and $575. The bulls successfully pushed the price above the $580 pivot level, and it is now consolidating above $590, supported by the 100 simple moving average on the 4-hour chart.
- The price breached the 61.8% Fib retracement level of the previous downward move.
- A key bullish trend line with support at $592 is forming on the 4-hour chart.
- Immediate resistance is seen near $602, followed by a major hurdle at $618.
Are Dips Supported?
If BNB struggles to surpass the $602 resistance level, a downside correction could occur. Initial support is anticipated near $592, with a crucial support level at $578. A breach below $555 could lead to a more significant decline towards $530, with a further drop potentially reaching $520.
Technical Indicators
- 4-Hour MACD – Showing bullish momentum for BNB/USD.
- 4-Hour RSI – Currently above the 50 level, indicating bullish sentiment.
- Major Support Levels – $592, $578, $555.
- Major Resistance Levels – $602, $618, $650.
Source: BNBUSD on TradingView.com
Hot Take: BNB Bulls Aim for $602 Breakout
With BNB price surging above $580 and eyeing the key resistance at $602, the bulls are in control of the market. A successful break above $602 could pave the way for further gains towards $618 and potentially $650. However, failure to break above $602 may lead to a corrective move, with supports at $592, $578, and a critical level at $555. Traders are advised to monitor these levels closely for potential trading opportunities.
Sources: TradingView
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