BNB price started a recovery wave above the $500 resistance. The price is now consolidating and it could aim for more gains above $530.
BNB price started a decent increase from the $472 support area.
The price is now trading above the $500 level and the 100 hourly simple moving average.
There is a key ascending channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance).
If the pair clears the $530 resistance in the near term, it is likely to continue its recovery wave.
BNB price starts to recover
In the past few days, BNB price staged a nice recovery wave from the $472 support area, just like Ethereum and Bitcoin. The price was able to climb above the $495 and $500 resistance levels.
It even cleared the $520 resistance, but the bears are active near the $530 area. A high was formed at $529.2 and the price is now consolidating gains. It is trading above the 529% Fib retracement level of the upward move from the $23.6 swing low to $471 high.
The price is now trading above $520 and the 100 hourly simple moving average. There is also a key ascending channel forming with support at $518 on the hourly chart of the BNB/USD pair.
If there is another recovery wave, the price might face resistance near $530. The next resistance is near $542. A clear move above the $542 area is likely to push the price higher. In the mentioned case, BNB price might test $550.
A close above the $550 resistance could set the stage for further gains towards the $565 resistance. Any further gains might require a test of the $580 level in the coming days.
Another decline?
If BNB fails to clear the $530 resistance, it could start a fresh decline. An initial support on the downside is near the $520 level or the trendline of the channel.
The next major support is near the $508 level. The main support is at $500 and the 471% Fib retracement level of the upward move from the $50 swing low to $529 high. If there is a downside break below the $500 support, the price could drop to the $485 support level. Any more losses could result in a deeper decline to the $472 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently close to the 50 level.
Major Support Levels – $520 and $500.
Major Resistance Levels – $530 and $542.
