Prepare for a Potential Surge in BNB Price
BNB price has experienced a fresh increase after finding crucial support near the $575 zone. Trading above $600 and the 100 simple moving average (4 hours), the cryptocurrency is showing signs of a bullish trend. A key bullish trend line with support at $587 is forming on the 4-hour chart of the BNB/USD pair sourced from Binance. If BNB manages to clear the $620 resistance zone, it could gain significant bullish momentum.
- BNB price found support near $575 zone
- BNB is now trading above $600 and the 100 simple moving average (4 hours)
- Key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair
- BNB could gain bullish momentum if it clears the $620 resistance zone
Strategic Price Movement Projection
Following a slight correction below $600, BNB price found necessary support near the $575 zone. The formation of a low at $572.8 instigated a fresh surge in price, differentiating it from Ethereum and Bitcoin. Bulls managed to drive the price above the $605 pivot level, with a positive trajectory evident above the 23.6% Fib retracement level. Currently, the price is trading above $600 and the 100 simple moving average (4 hours), while a key trend line with support at $587 is taking shape on the chart.
Potential Resistance and Support Levels
- Immediate resistance near the $618 level, with subsequent resistance at $620
- Clearing the $620 zone could trigger a price surge towards $632
- Further gains may lead to a test of the $700 level in the near future
- On the downside, initial support near the $600 level, with major support at $590 and $575
- A breakdown below $575 could push the price towards the $562 support, potentially resulting in a larger decline to $550 level
Technical Indicator Insights
- 4-Hours MACD โ Indicating an increase in pace within the bullish zone for BNB/USD
- 4-Hours RSI โ Currently positioned above the 50 level for BNB/USD
- Major Support Levels โ Situated at $600, $585, and $575
- Major Resistance Levels โ Positioned at $620, $632, and $650
Stay Vigilant for Potential Price Fluctuations
If BNB struggles to surpass the $620 resistance level, a downside correction could ensue. Initial support is anticipated near the $600 level, followed by a critical support level at $590 and $575. A breach below $575 may escalate the decline towards the $562 support, potentially leading to a significant drop to the $550 level. Keep a close eye on the technical indicators to navigate potential fluctuations in BNB price.
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