BNB price is currently showing signs of a fresh increase from the $515 zone, indicating a potential bullish momentum if it manages to clear the $572 resistance level. The recent support near $515 has prompted a recovery wave similar to what Ethereum and Bitcoin have experienced in recent times. This signals a positive movement in the BNB market, with the price currently trading below $555 and the 100 simple moving average (4 hours).
Key Trend Lines and Resistance Levels
A significant development in the BNB/USD pair is the break above a key bearish trend line with resistance at $540 on the 4-hour chart. This breakout could pave the way for further bullish momentum if the price manages to surpass the $572 resistance zone. The immediate resistance currently lies near the $555 level, followed by the $572 level or the 50% Fib retracement level from the recent swing high to low.
A clear move above the $572 zone could push the price higher towards the $600 resistance level, with a potential test of the $630 resistance in the cards. A successful close above $600 could signal a larger increase towards the $650 level in the coming days. However, failure to surpass the $572 resistance could lead to another decline in the price. In such a scenario, initial support is seen near $532, followed by major support levels at $520 and $515.
The MACD for BNB/USD is currently losing momentum in the bullish zone, while the RSI is below the 50 level, indicating a potential consolidation phase in the near term. Major support levels to watch include $532, $520, and $515, with resistance levels at $555, $572, and $600.
Disclaimer
It is important to note that the information provided in this analysis is for educational purposes only and does not represent investment advice. The opinions expressed do not reflect the views of NewsBTC, and investors are advised to conduct their own research before making any investment decisions. As with any investment, there are inherent risks involved, and all actions taken based on the information provided are at the individual’s own risk.