The price of BNB has shown resilience as it has not fallen below its previous low, indicating strong signs of heading up. After a period of downward movement, the Binance Smart Chain’s native token is now looking to bounce back towards its earlier high. To determine where the BNB price might be headed next, various indicators can be analyzed.
Taking a technical look at the MACD indicator from the 4-hour timeframe, it is observed that the MACD histograms are trending above the zero line. Both the MACD line and the Signal line have crossed and are moving towards the MACD zero line, signaling a bullish trend. This bullish trend is depicted in the chart.
The Relative Strength Index (RSI) formation also supports an upward movement, as the RSI signal line is trending above the 50% level. This indicates that buyers are active in the market, outweighing the strength of sellers and driving the price higher.
Analyzing the alligator indicator from the 4-hour time frame reveals that BNB is trading above the alligator lines. The alligator lip and teeth have crossed above the alligator jaw, suggesting the potential start of a new rally in price momentum. At the time of writing, the price of BNB has increased by 1.35% and is trading around $561 over the last 24 hours.
BNB price is currently displaying bullish signs and consolidating above the $508.1 support level. The price is trading above a bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart. Following the previous downward movement, BNB has established a major resistance level at $635 and a support level at $508. If the price surpasses the resistance level, it could potentially reach new highs.
On the contrary, a failure to break above the resistance could trigger a reversal and a downward movement towards the support level. Breaking below the support level may prompt further downward movement, initiating a new bearish trend. It is crucial for traders to monitor these key levels and price actions to make informed decisions.
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