BNB price is attempting a new rally from the $545 zone. If the price clears the $585 and $590 resistance levels, the price could gain bullish momentum.
- BNB price started a new rally after finding support near the $545 zone.
- The price is currently trading above $560 and the 100 simple moving average (4-hourly).
- The 4-hour chart of the BNB/USD pair (data source: Binance) shows an important descending triangle forming resistance near $585.
- If the price breaks out of the $590 resistance zone, it could attempt another rally.
BNB Price Eyes Fresh Surge
After a downside correction from $620, BNB price found support near the $545 zone. Unlike Ethereum and Bitcoin, the low was formed at $546.1 and the price started a new rise.
There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the decline from the swing high of $619 to the low of $546. The price is currently trading above $560 and the 100 simple moving average (4-hourly).
Immediate resistance is near the $585 level. There is also an important descending triangle forming resistance near $585 on the 4-hour chart of the BNB/USD pair. This is close to the 50% Fib retracement level of the decline from the swing high of $619 to the low of $546.
sauce: BNBUSD on TradingView.com
The next resistance level is near the $590 level. A clear break above the $590 zone could see the price move higher. In the aforementioned case, BNB price could test $620. A close above the $620 resistance could set up an even bigger rally towards the $640 resistance. Further gains could result in a test of the $700 level in the coming days.
Will you decline again?
If BNB fails to break through the $590 resistance level, further decline could begin. Initial support on the downside is near the $555 level and trend line.
The next major support is near the $545 level. The main support is at $532. If the price breaks below the $532 support, the price could fall towards the $500 support. Any further losses could trigger an even bigger decline towards the $465 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 – $555, $545, $532.
Key resistance levels – $585, $590, $620.
