BNB price started a fresh increase above the $542 resistance area. The price is currently consolidating gains and it could aim for further gains above $550.
BNB price started another increase above the $540 resistance area.
The price is currently trading below $550 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source: Binance).
The pair must stay above the $540 pivot level to start another increase in the near term.
BNB price rebounds
BNB has outperformed Ethereum and Bitcoin in the past few days. It stabilized above the $525 level and it started rising again above the $535 resistance area.
The price broke the $542 and $545 resistance levels. The price climbed above the 50% Fibonacci retracement level of the downward move from the $562 high to $527 low. However, the bears are now active near the $550 resistance area.
The price is currently trading below $550 and the 100 hourly simple moving average. If there is a fresh increase, the price is likely to face resistance near $550. There is also a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fibonacci retracement level of the down move from the $562 swing high to $527 low.
The next resistance is near the $558 level. A clear break above the $558 area could push the price higher. In this case, BNB price could test $565. A close above the $565 resistance could set the stage for a further move above the $580 resistance. If the up move continues, a test of the $592 level is likely in the near term.
Is there support for the decline?
If BNB fails to clear the $550 resistance, it could decline again. An initial support on the downside is near the $544 level. The next major support is near the $540 level.
The main support is at $535. If it falls below the $535 support, the price could decline towards the $520 support. If it declines further, it could trigger a deeper decline towards the $505 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $540 and $535.
The main resistance levels – $550 and $558. $BTC
