BNB price recovers to above $500 support zone. The price is now showing positive signs and may target further gains above $535.
- BNB price started a recovery wave from the $500 support area.
- The price is now trading above the $515 level and the 100-hour simple moving average.
- There is a major bullish channel forming with resistance at $528 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair may gain bullish momentum if it breaks the $535-538 resistance zone.
BNB Price Looks Forward to Further Upside
After forming a base above the $500 level, BNB price started a decent upward move like Ethereum and Bitcoin. The price surpassed the $510 and $515 resistance levels to move into a short-term bullish zone.
The price broke the 50% Fib retracement level of the downward move from the $5,376 high to $499 low. It also surpassed the $520 resistance level. The price is now trading above $515 and the 100-hour simple moving average.
Now, the pair is consolidating near the 61% Fib retracement level of the downside move from the $5,376 high to $499 low. On the upside, the price could face resistance near the $528 level. A major ascending channel is forming with resistance at the $528 level on the hourly chart of the BNB/USD pair.
The next resistance is near the $535 level. A clear move above the $535 area could lead the price higher. In the mentioned case, BNB price could test the $550 level. A close above the $550 resistance could set the pace for a larger increase towards the $565 resistance level. Any further gains may require a test of the $580 level in the near term.
Another downturn?
If BNB fails to clear the $535 resistance level, it could start a downward trend again. The initial support on the downside is near the $520 level. The next major support is near the $518 level.
The major support is at $508. If there is a break below the $508 support, the price could drop towards the $500 support level. Any further losses could start a bigger decline towards the $480 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 – $518 and $508.
Key resistance levels – $528 and $535.
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