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BNB Price Steadies Above Support: Is a Bullish Comeback on the Horizon?

BNB Price Steadies Above Support

BNB price started a recovery wave above the $500 resistance. The price is now consolidating and might aim for more gains above $530.

  • BNB price started a decent upward move from the $472 support zone.
  • The price is now trading above $500 and the 100-hourly simple moving average.
  • There is a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair could extend its recovery wave if it clears the $530 resistance in the near term.

BNB Price Starts Recovery

In the past few days, BNB price saw a decent recovery wave from the $472 support zone, like Ethereum and Bitcoin. The price was able to climb above the $495 and $500 resistance levels.

It even cleared the $520 resistance, but the bears were active near the $530 zone. A high was formed at $529.2 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $471 swing low to the $529 high.

The price is now trading above $520 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair.

If there is another recovery wave, the price could face resistance near the $530 level. The next resistance sits near the $542 level. A clear move above the $542 zone could send the price higher. In the stated case, BNB price could test $550.

Source: BNBUSD on TradingView.com

A close above the $550 resistance might set the pace for a larger increase toward the $565 resistance. Any more gains might call for a test of the $580 level in the coming days.

Another Decline?

If BNB fails to clear the $530 resistance, it could start a fresh decline. Initial support on the downside is near the $520 level or the channel trend line.

The next major support is near the $508 level. The main support sits at $500 and the 50% Fib retracement level of the upward move from the $471 swing low to the $529 high. If there is a downside break below the $500 support, the price could drop toward the $485 support. Any more losses could initiate a larger decline toward the $472 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level.

Major Support Levels – $520 and $500.

Major Resistance Levels – $530 and $542.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: newsbtc.com

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