BNB price has shown strength by holding the $565 support zone and is now consolidating, with potential for more gains above $590 in the near term. The recent uptrend started from the $565 support zone and the price is currently trading above $580 and the 100-hourly simple moving average. A key bullish sign was the break above a bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair, sourced from Binance. If BNB price manages to clear the $590 resistance, it could extend its increase further.
BNB Price Eyes More Upsides
In recent days, BNB price has seen a decent upward move from the $565 support zone, following in the footsteps of Ethereum and Bitcoin. The price successfully surpassed the $572 and $580 resistance levels while also clearing the $582 resistance. The current wave has exceeded the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low. Moreover, there was a significant breakout above a bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair.
Currently, BNB price is trading above $582 and the 100-hourly simple moving average. It is consolidating near the 61.8% Fib retracement level of the downward move from the $597 swing high to the $568 low. Resistance levels to watch for include $588 and $590, with a clear move above $590 potentially sending the price higher towards $600. A break above $600 could lead to a test of the $620 resistance, with further gains possibly targeting the $632 level in the near term.
The question then arises, are dips limited for BNB price? If the resistance at $590 holds, a downside correction could ensue. Initial support levels to monitor are near $582, the 100-hourly simple moving average, and $575. The strongest support is located at $565, a break below which could lead the price towards the $550 support. Further losses might trigger a larger decline towards the $532 level.
Looking at the technical indicators, the MACD for BNB/USD is gaining momentum in the bullish zone on the hourly chart. The RSI (Relative Strength Index) for BNB/USD is currently above the 50 level. Major support levels for BNB price include $582 and $575, while major resistance levels stand at $590 and $600.
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In conclusion, BNB price has shown resilience by holding the $565 support zone and is now eyeing further gains above $590. The recent breakout above key resistance levels signals potential for continued upward momentum. Traders should keep a close watch on the $590 resistance level, as a clear move above that could pave the way for a substantial increase towards $600 and beyond. However, support levels at $582, $575, and $565 remain critical in case of a downside correction. With bullish signals on the technical indicators and a positive market sentiment, BNB price appears poised for more upside in the near term.
