💥💥💥 $BNB Price Reclaims $500: Can #BULLS Maintain the Push?
BNB Price Holds Above $500 Amid Recent Gains
- BNB price recently surged past the $500 resistance zone, forming a solid base similar to Ethereum and #bitcoin☀️ . However, the token now faces key resistance levels that could determine its next move.
BNB Price Stabilizes Above $500
- After establishing a foundation above $470, BNB experienced a fresh upward move, breaking past the $488 and $500 resistance levels. The price briefly surpassed $515 and reached a high of $526 before a downward correction began.
- During this pullback, BNB dropped below $520 and even slipped past the 23.6% Fibonacci retracement level of the recent upward swing from $471 to $526. Additionally, a key bullish trend line with support at $517 was broken on the hourly BNB/USD chart. The price is currently hovering around $510, below the 100-hourly simple moving average.
Potential Upside for BNB
- If BNB begins a fresh increase, it could encounter resistance around $518. The next key resistance lies at $525. A clear move above $525 could push the price higher, potentially testing $535. A close above the $535 mark might pave the way for further gains toward $550, with the possibility of reaching $562 in the near term.
Downside Risks
- However, if BNB fails to surpass the $525 resistance, it could face another decline. Initial support is near $510, followed by a stronger support at $500. The main support zone is around $492, and a break below this level could lead to a drop toward $470. Further losses may trigger a larger decline, potentially reaching $450.
Technical Indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Currently above the 50 level, indicating some strength.
- Major Support Levels: $510, $500, and $492
- Major Resistance Levels: $518, $525, and $535
Source - newsbtc.com
