Is a Bullish Comeback on the Horizon?
BNB Price Stabilizes Above Support

BNB Price Stabilizes Above Support

BNB price has started a wave of recovery by breaking above the resistance at $500, the price is currently consolidating and may seek further upside above $530.

  • BNB price has begun a steady rise from the $472 support zone.
  • The price is currently trading above $500 and the 100 hourly simple moving average.
  • A significant ascending channel has formed with support at $518 on the hourly chart of the BNB/USD pair (Data Source: Binance).
  • A breakout above the short-term resistance of $530 could extend the recovery wave of the currency pair.

BNB Price Begins to Recover

Over the past few days, BNB price, like Ethereum and Bitcoin, has experienced a steady wave of recovery from the $472 support zone, with the price managing to rise above the $495 and $500 resistance levels.

The resistance at $520 was also broken but the bears were active near the $530 mark. A high was formed at $529.2 and the price is now consolidating the upside. It is trading above the 23.6% Fib retracement level of the rise from the swing low of $471 to the high of $529.

The price is currently trading above $520 and the 100 hourly simple moving average, while a significant ascending channel has formed with support at $518 on the hourly chart of the BNB/USD pair.

If there is another wave of recovery, the price may face resistance near $530. The next resistance is near $542. If there is a clear breakout above the $542 zone, the price may move higher. In the aforementioned case, BNB price may test $550.

BNB Price
sauce: BNBUSD on TradingView.com

A close above the $550 resistance could set the pace for a bigger upside towards the resistance at $565. Any further upside could see a test of the $580 level in the coming days.

Another decline?

If BNB fails to break out of the resistance at $530, a new decline may begin. The first support on the downside is near the $520 level or the channel trendline.

The next major support is near the $508 level. The main support is at $500, which is the 50% Fib retracement level of the move from the swing low of $471 to the high of $529. A break below the $500 support could send the price dropping towards the support at $485. Further losses could result in a bigger drop towards $472.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently hovering around the 50 level.

Key support levels – $520 and $500.

Key resistance levels – $530 and $542.

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