BNB price is recovering from the $550 support zone. The price is rising and might aim for a fresh move toward the $635 resistance.
- BNB price is moving higher above the $585 resistance zone.
- The price is now trading below $595 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $600 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 Eyes Fresh Surge
After forming a base above the $550 level, BNB price started a fresh increase. There was a move above the $565 and $570 resistance levels. It even recovered above the $588 level, beating Ethereum and Bitcoin.
There was a decent move above the 50% Fib retracement level of the downward move from the $637 swing high to the $548 low. There is also a connecting bullish trend line forming with support at $600 on the hourly chart of the BNB/USD pair.
However, the bears seem to be active near the $605 and $606 levels. The price is now trading above $600 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $606 level.
The next resistance sits near the $616 level or the 76.4% Fib retracement level of the downward move from the $637 swing high to the $548 low. A clear move above the $616 zone could send the price higher. In the stated case, BNB price could test $635. A close above the $634 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term.
Another Decline?
If BNB fails to clear the $606 resistance, it could start another decline. Initial support on the downside is near the $600 level. The next major support is near the $595 level.
The main support sits at $588. If there is a downside break below the $588 support, the price could drop toward the $570 support. Any more losses could initiate a larger decline toward the $565 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $600 and $595.
Major Resistance Levels – $606 and $616.
