The BNB price has recently initiated a fresh surge, moving above the critical $542 resistance zone. As the price consolidates its gains, it could be setting the stage for further upward movement beyond the $550 mark.
Key Highlights
- BNB price has surged above the $540 resistance zone.
- The price is currently trading below $550 and the 100-hourly simple moving average.
- A key bearish trend line is forming with resistance at $550 on the hourly chart of the BNB/USD pair.
- The pair must stay above the $540 pivot level to initiate another upward move in the near term.
BNB Price Regains Traction
In recent days, BNB has outperformed both Ethereum and Bitcoin, maintaining stability above the $525 mark. The cryptocurrency initiated another increase, breaking past the $535 resistance zone. This upward momentum saw a move beyond the $542 and $545 resistance levels.
The price managed to climb above the 50% Fibonacci retracement level from the downward move between the $562 swing high and the $527 low. However, the bears have become active near the $550 resistance zone, putting a cap on further gains for the moment.
Currently, BNB is trading below $550 and the 100-hourly simple moving average. Should there be a fresh increase, the price is likely to encounter resistance near the $550 level. Additionally, a key bearish trend line is forming with resistance at $550 on the hourly chart of the BNB/USD pair. This trend line is close to the 61.8% Fibonacci retracement level from the $562 swing high to the $527 low.
Future Resistance Levels
The next significant resistance level is near $558. A clear move above this zone could propel the price higher. If BNB manages to surpass the $558 resistance, it could test the $565 level. A close above $565 might set the pace for a larger upward move towards the $580 resistance. Further gains could push the price towards the $592 level in the near term.
Are Dips Supported?
Should BNB fail to clear the $550 resistance, it might trigger another decline. Initial support on the downside is near the $544 level. The next major support is around the $540 level. The main support sits at $535.
If there is a downside break below the $535 support, the price could drop towards the $520 support. Additional losses could lead to a more significant decline towards the $505 level.
Technical Indicators
Hourly MACD
The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index)
The RSI for BNB/USD is currently above the 50 level.
Major Support Levels
- $540
- $535
Major Resistance Levels
- $550
- $558
