BNB worth is recovering increased from the $500 help zone. The worth is now exhibiting optimistic indicators and may goal for extra upsides above $535.
- BNB worth began a restoration wave from the $500 help zone.
- The worth is now buying and selling above $515 and the 100-hourly easy shifting common.
- There is a key rising channel forming with resistance at $528 on the hourly chart of the BNB/USD pair (information supply from Binance).
- The pair might achieve bullish momentum if it clears the $535-$538 resistance zone.
BNB Price Eyes More Upsides
After forming a base above the $500 stage, BNB worth began an honest upward transfer like Ethereum and Bitcoin. The worth cleared the $510 and $515 resistance ranges to transfer right into a short-term bullish zone.
The worth surpassed the 50% Fib retracement stage of the downward transfer from the $5376 swing excessive to the $499 low. It even cleared the $520 resistance. The worth is now buying and selling above $515 and the 100-hourly easy shifting common.
It is now consolidating close to the 61% Fib retracement stage of the downward transfer from the $5376 swing excessive to the $499 low. On the upside, the worth might face resistance close to the $528 stage. There can be a key rising channel forming with resistance at $528 on the hourly chart of the BNB/USD pair.
The subsequent resistance sits close to the $535 stage. A transparent transfer above the $535 zone might ship the worth increased. In the acknowledged case, BNB worth might check $550. A detailed above the $550 resistance may set the tempo for a bigger improve towards the $565 resistance. Any extra positive aspects may name for a check of the $580 stage within the close to time period.
Another Decline?
If BNB fails to clear the $535 resistance, it might begin one other decline. Initial help on the draw back is close to the $520 stage. The subsequent main help is close to the $518 stage.
The primary help sits at $508. If there’s a draw back break under the $508 help, the worth might drop towards the $500 help. Any extra losses might provoke a bigger decline towards the $480 stage.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is presently above the 50 stage.
Major Support Levels – $518 and $508.
Major Resistance Levels – $528 and $535.
