💰💰💰#BNB Resilience: Maintaining a Solid Position at $560
The price of $BNB is displaying clear indications of reversing course and is now holding above its prior low. After a period of declining value, the native token of the Binance Smart Chain is attempting to recover and return to its previous high.
All Signs Point to a Long-Term Uptrend in BNB Prices
Several indicators can be utilized to evaluate the chart and determine the potential future move of the BNB price:
Looking at the MACD indicator from a technical perspective, we can see that the histograms are trending above zero, and the MACD line and the Signal line have crossed and are moving towards zero, suggesting a bullish trend. This is known as the 4-hour MACD. You can see this in the image up there.
Looking at the 4-hour alligator indicator, we can see that BNB is trading above the alligator lines. The alligator's teeth and lip have crossed over the jaw, indicating that the price might be starting a new rally.
As of this writing, the price of BNB has risen 1.35 percent and was trading at approximately $561 within the past 24 hours. The price of BNB is displaying bullish indicators and is also creating a base above the support level of $508.1. Furthermore, on the 4-hour chart, the price is trading above the negative trend line but below the 100 Simple Moving Average (SMA).
Last Remarks
One key support level at $508 and one big resistance level at $635 have been established by the preceding decline in BNB price. The price of BNB is now approaching this resistance level; a breakthrough there would trigger further price increases, perhaps leading to a new all-time high.
In contrast, a new negative trend might begin if the price is able to break below this support level; a reversal and a decline toward its prior support would ensue if it is unable to break over this significant barrier.
