BNB price started another upward move above the $525 resistance area. The price is currently consolidating gains and it could move above $550.
BNB price started another increase above the $525 resistance area.
The price is currently trading below $535 and the 100 hourly simple moving average.
On the hourly chart of the BNB/USD pair, a short-term ascending channel is forming with support at $540 (data source: Binance).
The pair must stay above the $525 pivot level to start another increase in the near term.
BNB price stabilizes above $525
In the last analysis, we discussed the possibility of further gains for BNB price after it broke the $525 resistance level. The price outperformed Ethereum and Bitcoin. It surged above $525 and $535.
It even tested the $550 resistance area. A high was formed at $549.5 and the price started a downside correction. It broke below the $545 level. The price declined below the 23.6% Fibonacci retracement level of the move from the $507 swing low to $549 high.
The pair is currently trading above $535 and the 100 hourly simple moving average. There is also a short term ascending channel forming with support at $540 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price might face resistance near $548. The next resistance is near $550. A clear break above the $550 area could push the price higher. In this case, BNB price might test $562.
A close above the $562 resistance could set the stage for further gains towards the $580 resistance. If gains continue, a test of the $585 level is possible in the near term.
Is there a limit to the decline?
If BNB fails to clear the $550 resistance, it is likely to decline again. An initial support on the downside is near the $540 level and the trendline of the channel. The next major support is near the $525 level, which is the 61.8% Fibonacci retracement level of the upward move from the $507 swing low to $549 high.
The main support is at $520. If it falls below the $520 support, the price could decline towards the $505 support. Any further decline could lead the price down further towards the $500 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $540 and $525.
Major Resistance Levels – $548 and $550.
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