BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

BNB price is attempting a new rally from the $550 zone. The price could break through the $600 resistance level and extend the upside above $630.

  • BNB price started a new rally after breaking the $550 resistance zone.
  • The price is currently trading above $580 and the 100 simple moving average (4-hourly).
  • On the 4-hour chart of the BNB/USD pair, a major bullish trend line is forming with support at $592 (data source: Binance).
  • The pair could gain bullish momentum if it breaks out of the $608-$610 resistance zone.

BNB price rises

After forming a base above the $520 level, BNB price started a new rise. Like Ethereum and Bitcoin, there was a steady rally above the $550 and $565 resistance levels.

The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downwave from the swing high of $630 to the low of $512. More importantly, the price is currently trading above $580 and the 100 simple moving average (4-hourly).

It is holding firm just above the 76.4% Fib retracement level of the downtrend from the swing high of $630 to the low of $512. There is also an important bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair.

BNB price

sauce: BNBUSD on TradingView.com

Immediate resistance lies near the $608 level. The next resistance level is near the $630 level. If there is a clear break above the $630 zone, the price may rise further. In the aforementioned case, BNB price could try $650. A close above the $650 resistance could set the pace for an even bigger move towards the $680 resistance. Further gains could result in a test of the $720 level in the coming days.

Are dips supported?

If BNB fails to break through the $608 resistance level, a downside correction may begin. Initial support on the downside is near the $592 level and trend line.

The next major support is near the $585 level. The main support is at $570. If there is a downside break below the $570 support, the price could fall towards the $550 support. Any further losses could trigger an even bigger decline towards the $532 level.

technical indicators

4-hour MACD – BNB/USD MACD is gaining pace in the bullish zone.

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

Major support levels – $592, $585, $570.

Key resistance levels – $608, $630, and $650.

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