BNB Price Set to Surge: Could It Be the Next Big Mover?

Share This Post

BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level.

  • BNB price started a downside correction from the $612 resistance zone.
  • The price is now trading above $590 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair must stay above the $588 level to start another increase in the near term.

BNB Price Holds Support

After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level.

The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair.

BNB Price

If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term.

More Losses?

If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.

The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $595 and $578.

Major Resistance Levels – $605 and $612.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana, Dogecoin Expected To Take Bronze And Silver For Gains This Bull Run – But Who’s Going To Take Gold?

The post Solana, Dogecoin Expected To Take Bronze And Silver For Gains This Bull Run – But Who’s Going To Take Gold appeared first on Coinpedia Fintech News Solana (SOL) and Dogecoin

ETH Price Forms Massive Bullish Divergence, While New DeFi Platform Hits New Milestone

The post ETH Price Forms Massive Bullish Divergence, While New DeFi Platform Hits New Milestone appeared first on Coinpedia Fintech News Ethereum’s price faces a crucial resistance zone between

Singapore Gulf Bank Seeks $50M Funding and Stablecoin Acquisition in 2025

The post Singapore Gulf Bank Seeks $50M Funding and Stablecoin Acquisition in 2025 appeared first on Coinpedia Fintech News Singapore Gulf Bank, backed by Bahrain’s Mumtalakat Sovereign Wealth

Decentraland and Sandbox Targets Unveiled: $1.56 and $2.26 in Sight!

The post Decentraland and Sandbox Targets Unveiled: $156 and $226 in Sight! appeared first on Coinpedia Fintech News With the broader market recovery, the altcoin segment has been set ablaze In this

Bitget Now Supports Bank Transfers in Vietnam via QR Codes

Bitget has announced its integration of bank transfers in Vietnam through QR codes, making it the first exchange to adopt this payment method This new feature allows users to deposit Vietnamese Dong

Top Altcoins to Buy Right Now For 50x Profits This Crypto Bull Run

The post Top Altcoins to Buy Right Now For 50x Profits This Crypto Bull Run appeared first on Coinpedia Fintech News Recently Kyle Doops, host of Crypto Banter’s Trading Show, has revealed many new