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🚀🚀🚀BNB Price Reclaims $600 and Bulls Aim for New 2024 High
The #BNB price is attempting a new increase from the $ 550 zone. The price has cleared the $600 resistance and may increase its rise above $630.
The BNB price started a new increase after clearing the $550 resistance zone.
The price is currently trading above the $580 and the 100 simple moving average (4 hours).
A key uptrend line is forming on the 4-hour chart of the BNB / USD pair (data source from Binance) with support at $ 592.
If the pair clears the $608-$610 resistance zone, it can gain bullish momentum.
BNB Price Is Gaining Strength
After establishing a base above the $ 520 level, the BNB price began a new increase. Like Ethereum and Bitcoin, there has been a steady increase above the $550 and $565 resistance levels.
The bulls pushed the price above the $580 pivot level and the downside wave's 61.8% Fib retracement level, from the high of the $630 swing to the low of the $512 level. More importantly, the price is currently trading above the $580 and the 100 simple moving average (4 hours).
It is consolidating from the $630 swing to the low of $512, just above the 76.4% Fib retracement level of the downside wave. In addition, a key uptrend line is forming on the 4-hour chart of the BNB / USD pair with support at $ 592.
The sudden resistance is close to the $608 level. The next resistance is sitting near the $630 level. A clear movement above the $630 zone can push the price even higher. In the specified case, BNB can test the price of $ 650. A close above the $650 resistance may determine the pace of a larger increase towards the $680 resistance. Further gains may require testing the $720 level in the coming days.
Technical Indicators
4-Hour MACD - The MACD for BNB /USD is gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) - The RSI for BNB/USD is currently above the 50 level.
The main Support Levels are $ 592, $ 585 and $ 570.
The main Resistance Levels are $ 608, $ 630 and $ 650.
