๐๐๐ $BNB Price Targeting $600: Can It Reclaim This #milestone ?
BNB Price Consolidates Above $565, Targets Further Gains
Key Points:
- BNB price initiated an upward move from the $565 support.
- Currently trading above $580 and the 100-hourly simple moving average.
- Broke above a key bearish trend line with resistance at $582 (data source: Binance).
- Potential for further gains if it surpasses the $590 resistance.
BNB Price Movement:
BNB experienced a solid rise from the $565 support zone, surpassing the $572, $580, and $582 resistance levels. It broke through the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low and the key bearish trend line at $582. Now, it consolidates above $582 and the 100-hourly simple moving average, near the 61.8% Fib retracement level.
Resistance and Potential Gains:
- Resistance Levels: $588, $590
- Potential Gains: A move above $590 could push BNB to $600. Closing above $600 might lead to a rise towards $620 and potentially $632.
Potential Downside:
- Support Levels: $582, $575, $565
- Risks: Failing to clear $590 could see BNB correcting down to $582 or $575, with significant support at $565. A break below $565 might drop the price to $550 or $532.
Technical Indicators:
- Hourly #MACD : Gaining pace in the bullish zone.
- Hourly RSI: Currently above 50.
Major Levels:
- Support: $582, $575
- Resistance: $590, $600
BNB is consolidating above $565, showing potential for further gains if it can surpass the $590 resistance.
Source - newsbtc.com
