BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

BNB price is attempting a fresh increase from the $545 zone. The price could gain bullish momentum if it clears the $585 and $590 resistance levels.

BNB price started a fresh increase after it found support near the $545 zone.

The price is now trading above $560 and the 100 simple moving average (4 hours).

There is a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair (data source from Binance).The pair could attempt a fresh rally if it clears the $590 resistance zone.

BNB Price Eyes Fresh Surge.After a downside correction from $620, BNB price found support near the $545 zone. A low was formed at $546.1 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $546 low. The price is now trading above $560 and the 100 simple moving average (4 hours).

Immediate resistance is near the $585 level. There is also a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. It is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low.

Source: BNBUSD on TradingView.com

The next resistance sits near the $590 level. A clear move above the $590 zone could support, the price could drop toward the $500 support.

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Source: NewsBTC.com