BNB price maintains The support area is $565. The price is now in a consolidation phase and may target further gains above $590 in the near term.
- BNB price started a good upward movement from the $565 support area.
- The price is now trading above the $580 level and the 100-hour simple moving average.
- There was a break above a major bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair may continue to rise if it surpasses the $590 resistance level in the near term.
BNB Price Looks Forward to Further Upside
In the past few days, BNB price has seen a decent upward move from the $565 support area, like Ethereum and Bitcoin. The price managed to climb above the $572 and $580 resistance levels.
It has broken the resistance at $582. The current wave has surpassed the 50% Fib retracement level of the downward move from the $597 swing high to $568 low. Moreover, there was a break above a major bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair.
The price is now trading above $582 and the 100-hour simple moving average. It is now consolidating near the 61.8% Fib retracement level of the downside move from the $597 swing high to $568 swing low.
On the upside, the price could face resistance near the $588 level. The next resistance is near the $590 level. A clear move above the $590 area could lead the price higher. In the mentioned case, BNB price could test the $600 level. A close above the $600 resistance could set the pace for a further increase towards the $620 resistance level. Any further gains may require a test of the $632 level in the near term.
Are the declines limited?
If BNB fails to clear the $590 resistance level, it could start a downside correction. The initial support on the downside is near the $582 level or the 100-hour simple moving average.
The next major support is near the $575 level. The major support is at $565. If there is a break below the $565 support, the price could drop towards the $550 support level. Any further losses could start a bigger decline towards the $532 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $582 and $575.
Key resistance levels – $590 and $600.
