BNB value is gaining bullish momentum above the $550 resistance. The value is displaying constructive indicators and would possibly lengthen its rally above $650.
- BNB value is up over 15% and it broke the $600 resistance zone.
- The value is now buying and selling above $580 and the 100 easy shifting common (4 hours).
- There is a key bullish pattern line forming with help at $598 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
- The pair might proceed to rise towards the $650 resistance zone and even $700.
BNB Price Extends Rally
In the final BNB value prediction, we mentioned the probabilities of extra good points above the $500 resistance zone. The value continued to rise and broke many hurdles close to the $550 stage.
BNB is now outperforming Bitcoin and Ethereum with a transfer above the $580 resistance. It is up over 10% right now and buying and selling above $600. A excessive was fashioned close to $633 and the value is now consolidating good points. It is buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive.
The value is now buying and selling above $600 and the 100 easy shifting common (4 hours). Immediate resistance is close to the $625 stage. The subsequent resistance sits close to the $635 stage. A transparent transfer above the $635 zone might ship the value additional larger.
Source: BNBUSD on TradingView.com
In the acknowledged case, BNB value might check $650. An in depth above the $650 resistance would possibly set the tempo for a bigger improve towards the $700 resistance. Any extra good points would possibly name for a check of the $780 stage within the coming days.
Dips Limited?
If BNB fails to clear the $635 resistance, it might begin a draw back correction. Initial help on the draw back is close to the $600 stage and the pattern line.
The subsequent main help is close to the $570 stage. The foremost help sits at $500 or the 50% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive. If there’s a draw back break beneath the $500 help, the value might drop towards the $450 help. Any extra losses might provoke a bigger decline towards the $420 stage.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is at present above the 50 stage.
Major Support Levels – $600, $570, and $500.
Major Resistance Levels – $635, $650, and $700.
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