BNB price has recently shown signs of recovery as it bounces back from the $500 support zone. The price is now exhibiting positive momentum and could potentially aim for further upside movement above $535.
As BNB price started a recovery wave from the $500 support level, it has managed to trade above $515 and the 100-hourly simple moving average. Additionally, a key rising channel has formed with resistance at $528 on the hourly chart of the BNB/USD pair sourced from Binance. If the pair is able to surpass the resistance levels at $535-$538, it could gain significant bullish momentum.
BNB Price Eyes More Upsides
Following a period of consolidation above $500, BNB price has embarked on a bullish journey, akin to other cryptocurrencies like Ethereum and Bitcoin. By surpassing the $510 and $515 resistance levels, the price has entered a short-term bullish zone.
The price has also cleared the 50% Fib retracement level of the downward move from the $5376 swing high to the $499 low, as well as the $520 resistance. Currently trading above $515 and the 100-hourly simple moving average, the price seems poised for further gains.
Consolidating near the 61% Fib retracement level of the aforementioned downward move, the price may face resistance near the $528 level. Additionally, a key rising channel with resistance at $528 on the hourly chart of the BNB/USD pair could impact price movements in the near future.
The next resistance level to watch out for is around $535, beyond which the price could surge higher. Should the price successfully breach the $535 resistance, a potential test of $550 could be on the cards. Further gains may lead the price towards the $565 and $580 levels.
Another Decline?
In the event that BNB fails to clear the $535 resistance, a downward move could be triggered. Initial support levels lie near $520 and $518, with the major support at $508. A breach below $508 could lead the price back towards the $500 support, and further losses might push it towards the $480 level.
When observing the technical indicators, the hourly MACD for BNB/USD is showing bullish momentum, while the hourly RSI is currently above the 50 level. Major support levels include $518 and $508, with major resistance levels at $528 and $535.
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In conclusion, the recent price action of BNB signals a potential bullish trend as it aims for more upsides above key resistance levels. However, a failure to clear these hurdles could lead to another decline towards important support levels. As always, it’s essential to keep an eye on technical indicators and market trends to make informed decisions regarding cryptocurrency trading.
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