The price of BNB has not yet broken below its previous lows and is showing some strong signs of rising. After a period of decline, the native token of the BN Smart Chain is aiming to rebound upwards to its previous highs. Technical indicators show that BNB will continue to rise, where might the price of BNB go next?
4-hour MACD: Looking at the MACD indicator from the 4-hour timeline, the MACD histogram is trending above the zero line, and both the MACD line and the signal line have crossed and are moving towards the MACD zero line, indicating a bullish trend. This can be seen in the above chart.
RSI 4-hour timeframe: The formation of the Relative Strength Index (RSI) in the chart below also shows that the RSI signal line is trending upwards and is trending above the 50% level. This shows that buyers are still very active in the market and are therefore overpowering the sellers. 4-Hour Alligator: From the 4-hour timeframe, the Alligator indicator shows that BNB is trading above the Alligator line, 🎅qun秆🚀玮：417072555 because both the Alligator Lips and Teeth have successfully crossed the Alligator Jaw, which indicates that the price may start to rise.
As of the time of writing, the price of BNB has risen by 1.35% in the past 24 hours. From the previous downward trend, the price of BNB has successfully created a major resistance level of $635 and a major support level of $508. Currently, BNB is moving towards this resistance level, and if it breaks through this resistance level, the price may further create new highs.
BNB price is showing bullish signs and forming a base above the $508.1 support level. Moreover, on the 4-hour chart, the price is trading above a bearish trend line and below the 100 Simple Moving Average (SMA). On the other hand, if the price fails to break through this major resistance level, it will reverse and start to decline towards the previous support level, and if it successfully breaks below this support level, the price may fall further, starting a new downtrend.
