Key Takeaways:

  • BNB’s price is up over 10% and trading above the $500 resistance.

  • A connecting bullish trend line is forming with support at $450 on the daily chart.

  • The price could correct a few points before a fresh leg higher toward $600.

BNB price rally

NEW DELHI (CoinChapter.com) — BNB regained strength and climbed above the $500 pivot level. The bulls seem to be aiming toward the $600 resistance in the coming days.

BNB Price Outpaces Bitcoin and Ethereum

In the previous technical analysis, I discussed why the BNB price could surge past $400. The price formed a strong support base above the $350 level and cleared many hurdles near $400. A fresh bullish trend was formed, and the bulls were able to pump the price above $450.

The price has risen over 20% in a few days, outperforming Bitcoin and Ethereum. The price even surged above the $500 pivot level. A new multi-month high was formed at $537, and the price is now consolidating gains.

BNB/USD daily chart | Source: TradingView.com

BNB trades well above the $450 region and the 50-day simple moving average (blue). A connecting bullish trend line is forming on the daily chart with support at $450.

If there is a downside correction, the bulls might remain active near the $500 zone. It is now close to the 23.6% Fib retracement level of the recent rally from the $364 swing low to the $538 high. The first major support is now forming near the $450 pivot and trend lines.

The trend line is close to the recent rally’s 50% Fib retracement level from the $364 swing low to the $538 high. A daily close below the trend line support could increase selling pressure.

In the stated scenario, the BNB price might dive and revisit the $365 support region or the 50-day simple moving average (blue). If the bulls fail to protect $365, the bears could even aim for a test of $300.

Fundamentally, BNB Chain announced the second phase of the TVL Incentive Program, providing DeFi projects on BSC with a prize pool of up to 160,000 USD. All projects deployed on the BSC mainnet since Jan. 1, 2023, can participate.

Phase 2 of the BNB Chain TVL Incentive Program is here! Are you a project on BSC looking to take things to the next level? This is your chance!https://t.co/BOaNAEJ2N7Let's dive in

— BNB Chain (@BNBCHAIN) March 5, 2024

Are Dips Supported?

Conversely, the bulls might aim for more upsides above the $540 resistance. On the upside, the price faces resistance near the $550 zone. The next major resistance could be near the $568 level. A clear move above the $568 resistance might further pump the price. In the stated case, the price might be $600. Any more gains might send the price toward the $620 resistance level.

Overall, BNB’s price is gaining bullish momentum above the $450 and $500 levels. The bulls could soon aim for a steady increase toward the $600 handle.

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