Binance Coin (BNB) price is currently on the rise, attempting a fresh increase from the $575 zone. The price has surged over 5% and the bulls are showing signs that they are aiming for a move above $620. This comes after BNB price found support near the $575 zone, signaling a potential bullish trend in the market.
Technical Analysis
On the 4-hour chart of the BNB/USD pair, there is a key bullish trend line forming with support at $587. The price is now trading above $600 and the 100 simple moving average, indicating positive momentum in the market. Additionally, the MACD for BNB/USD is gaining pace in the bullish zone, while the RSI is currently above the 50 level, further confirming the uptrend.
Immediate resistance for BNB price is near the $618 level, with the next resistance sitting at $620. A clear move above the $620 zone could propel the price even higher, potentially testing $632. If BNB price manages to break above $632, it could pave the way for a larger increase towards the $650 resistance level, and possibly even reaching $700 in the coming days.
On the downside, if BNB fails to clear the $620 resistance, it could face a downside correction. Initial support is near the $600 level, followed by major support levels at $590 and $575. A break below $575 support could lead to a drop towards $562, with further losses potentially heading towards the $550 level.
Binance Coin (BNB) is currently experiencing a bullish momentum, with the potential for further gains if it manages to break above key resistance levels. The technical indicators suggest a positive outlook for BNB price, but investors are advised to conduct their own research before making any investment decisions, as investing always carries risks. Stay tuned for more updates on the BNB price movement.