BNB value began a recent improve above the $542 resistance zone. The value is now consolidating positive factors and may intention for extra positive factors above $550.
- BNB value began a recent improve above the $540 resistance zone.
- The value is now buying and selling beneath $550 and the 100-hourly easy shifting common.
- There is a key bearish pattern line forming with resistance at $550 on the hourly chart of the BNB/USD pair (information supply from Binance).
- The pair should keep above the $540 pivot stage to begin one other improve within the close to time period.
BNB Price Regains Traction
In the previous few days, BNB outperformed Ethereum and Bitcoin. It remained steady above $525 and began one other improve above the $535 resistance zone.
There was a transfer above the $542 and $545 resistance ranges. The value climbed above the 50% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low. However, the bears at the moment are energetic close to the $550 resistance zone.
The value is now buying and selling beneath $550 and the 100-hourly easy shifting common. If there’s a recent improve, the value might face resistance close to the $550 stage. There can also be a key bearish pattern line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The pattern line is shut to the 61.8% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low.
The subsequent resistance sits close to the $558 stage. A transparent transfer above the $558 zone might ship the value increased. In the acknowledged case, BNB value might take a look at $565. An in depth above the $565 resistance may set the tempo for a bigger transfer towards the $580 resistance. Any extra positive factors may name for a take a look at of the $592 stage within the close to time period.
Are Dips Supported?
If BNB fails to clear the $550 resistance, it might begin one other decline. Initial assist on the draw back is close to the $544 stage. The subsequent main assist is close to the $540 stage.
The important assist sits at $535. If there’s a draw back break beneath the $535 assist, the value might drop towards the $520 assist. Any extra losses might provoke a bigger decline towards the $505 stage.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is presently above the 50 stage.
Major Support Levels – $540 and $535.
Major Resistance Levels – $550 and $558.
