BNB prices are trying to start a new rise from the $550 zone. Price may overcome $600 resistance and extend gains above $630.
BNB prices started a new rise after breaking the $550 resistance zone.
The price is currently trading above the $580 level and 100 simple moving average (4-hour).
An important bullish trend line has formed on the 4-hour chart of the BNB/USD pair (Binance data source) with support at USD 592.
If the pair breaks the resistance zone at USD 608-610, the bullish momentum could strengthen.
The #BTC market started a new rally after forming a base at the USD 520 level. Like #BTC and #BTC , the price confidently broke the resistance levels of USD 550 and USD 565.
The bulls pushed the price above the $580 reversal level and the 61.8% retracement level of the downward Fib wave from the $630 high to the $512 low. More importantly, price is trading above the $100 simple moving average (four-hour) at $BTC Price is consolidating just above the retracement level of the fib 76.4% downward wave from the $630 high to the $512 low. A significant bullish trend line has also formed on the 4-hour chart of the BNB/USD pair with support at $BTC The nearest resistance is near the $608 level. The next resistance is near the $630 level; a clear break above the $630 area could push prices even higher. In this case, the BNB price could test the $650 level. If the price closes above the $650 resistance level, the price could rise further towards the $680 resistance level. If the price rises even higher, it could test the $720 level in the next few days.
Will the dip provide support?
If BNB fails to overcome the $608 resistance level, a downward correction may begin. The first support on the downtrend is near the $592 level and trend line.
The next major support is near the $585 level. Key support is at the $570 level; a break below the $570 level could send prices down to the $550 level. Further losses could cause price to fall to the $ 532 level.
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