BNB Shows Signs of Recovery After Bouncing From Support
Recently, BNB price initiated a recovery trend after bouncing back from the $472 support area, following the footsteps of Ethereum and Bitcoin. The price successfully surpassed key resistance levels at $495 and $500, indicating potential upward movement.
Despite facing resistance near the $530 mark, the price managed to establish a high at $529.2 before consolidating gains. Presently, it is trading above the 23.6% Fib retracement level from the recent swing low of $471 to the high of $529.
Furthermore, BNB is currently above $520 and the 100-hourly simple moving average, with a noticeable rising channel forming with support at $518 on the hourly chart of the BNB/USD pair.
- A potential resistance near $530 may challenge further recovery
- Another resistance level could be found near $542
- A breakthrough above $542 could drive the price towards $550
Possible Scenario of a Reversal in BNB Price
If BNB struggles to breach the $530 resistance, there is a likelihood of a fresh downward movement. Initial support is anticipated at the $520 level or the lower boundary of the channel.
Subsequently, a crucial support level lies near $508, followed by a major support at $500 and the 50% Fib retracement level from the recent swing low to high. Any breach below $500 could trigger a decline towards $485 and potentially $472.
Analysis of Technical Indicators
- Hourly MACD – The MACD for BNB/USD indicates a slowing momentum in the bullish region
- Hourly RSI (Relative Strength Index) – The RSI for BNB/USD hovers around the 50 mark
- Key Support Levels – $520 and $500
- Key Resistance Levels – $530 and $542
Hot Take: Your Next Moves in BNB Trading 🚀
As a crypto enthusiast, you can monitor BNB’s price closely, particularly around the critical levels of $530 and $542, to assess the likelihood of a continued upward trend or a potential reversal.
Consider setting tight stop-loss orders to manage risk and capitalize on potential opportunities that may arise in the cryptocurrency market amidst ongoing volatility.
By
By
By
