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Home Markets Analysis

Can BNB Reach $600 Again? Target Price Analysis

Aayush Jindal by Aayush Jindal
July 31, 2024
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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.

For more trending news articles related to DeFi (Decentralized Finance) and the cryptocurrency market, visit DeFi Daily News. Stay updated with the latest developments and trends shaping the digital finance landscape.

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.



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