#BNB Price Could Resume Upside Unless The Bulls Fail At $610
BNB price is showing signs of a fresh uptick from the $500 region, with potential for #bullish momentum upon surpassing key resistance levels at $588 and $610.
The recent trajectory for BNB saw a rebound from the $500 support area, following a correction from its peak at $645. Initiating a new climb akin to #Ethereum and Bitcoin, BNB breached resistance levels at $520 and $550. Bulls further propelled the price above the 50% Fibonacci retracement level of the downward swing from $645 to $498. Currently, BNB is trading above $575, supported by the 100 simple moving average over a 4-hour period.
On the 4-hour chart of the BNB/USD pair, a significant bullish trend line is emerging, offering support around $580. Immediate resistance is noted near $588, closely aligning with the 61.8% Fibonacci retracement level of the aforementioned downward move.
The subsequent hurdle lies at $610. A decisive breakthrough above this level could pave the way for further upward movement. Should BNB successfully breach $610, it may target the $645 resistance, potentially opening avenues for a larger surge towards $680. Continued bullish momentum might even propel BNB towards the $700 mark in the near future.
However, failure to surpass the $610 resistance could trigger a renewed downturn. Initial support is anticipated around $580, reinforced by the trend line. Subsequently, the $560 level presents a crucial support zone, with $540 marking the main support level. A breach below $540 might escalate selling pressure, leading to a downturn towards the $500 support. Further losses could extend the decline towards $450.
Technical Indicators:
The 4-hour MACD for BNB/USD indicates an acceleration in bullish momentum.
The 4-hour RSI for BNB/USD is currently positioned above the 50 level, suggesting a favorable outlook.
- Major Support Levels: $580, $560, $540
- Major Resistance Levels: $598, $610, $640
Source - newsbtc.com
