BNB price is trying to make a new rise from the $515 zone. Clearing the $572 resistance zone could lead to a bullish move for the price.
- BNB price started a new rally after finding support near the $515 zone.
- The price is now trading below $555 and the 100 simple moving average (4 hours).
- There was a break above the major bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- Clearing the $572 resistance zone could give the pair a bullish momentum.
BNB price bumps
After a correction below $550, BNB price found support near the $515 zone. A low was formed at $513.6 and prices like Ethereum and Bitcoin started a wave of recovery.
There was a move above the $525 and $530 resistance levels. The bulls brought the price above the $540 pivot level and the 23.6% Fib retracement level from the $630 swing high to the $513 low. There was also a break above the main bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair.
The price is still trading below $550 and the 100 simple moving average (4 hours). Immediate resistance is near the $555 level. The next resistance sits near the $572 level or the 50% Fib retracement level from the $630 swing high to the $513 low.
Source: BNBUSD on TradingView.com
A clear move above the $572 zone could push the price further. In the mentioned case, BNB price may test $600. A close above the $600 resistance could set the pace for a big rally towards the $630 resistance. Any further gains should lead to a test of the $650 level in the coming days.
Another decline?
If BNB fails to clear the $572 resistance, it could initiate another decline. Initial support on the downside is near the $532 level.
The next major support is near the $520 level. Key support sits at $515. If there is a downside break below the $515 support, the price may move lower towards the $500 support. Any further losses could trigger a major decline towards the $465 level.
Technical Director
4-Hour MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $532, $520, and $515.
Major resistance levels – $555, $572, and $600.
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