BNB Price Regains Strength As The Bulls Aim For $650

BNB price is attempting a fresh increase from the $575 zone. The price is up over 5% and the bulls seem to be aiming for a move above $620.

• BNB price started a fresh increase after it found support near the $575 zone.
• The price is now trading above $600 and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair (data source from Binance).
• The pair could gain bullish momentum if it clears the $620 resistance zone.

BNB Price Could Surge 15%

After a downside correction below $600, BNB price found support near the $575 zone. A low was formed at $572.8 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $595 and $600 resistance levels. The bulls pushed the price above the $605 pivot level. It is up over 5% and showing many positive signs above the 23.6% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high.

The price is now trading above $600 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

Immediate resistance is near the $618 level. The next resistance sits near the $620 level. A clear move above the $620 zone could send the price further higher. In the stated case, BNB price could test $632. A close above the $632 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $700 level in the coming days.

Another Decline?

If BNB fails to clear the $620 resistance, it could start a downside correction. Initial support on the downside is near the $600 level.

The next major support is near the $590 level and the trend line or the 61.8% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $562 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $600, $585, and $575.

Major Resistance Levels – $620, $632, and $650.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source