BNB price has initiated a fresh surge, successfully clearing the crucial $500 pivot zone. Currently, the price is consolidating gains and might set its sights on further increases above $525.
- BNB price started a fresh increase above the $500 resistance zone.
- The price is now trading below $510 and the 100-hourly simple moving average.
- There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $500 pivot level to start another increase in the near term.
BNB Price Settles Above $500
After establishing a base above the $470 level, BNB price embarked on a fresh increase, mirroring the movements seen in Ethereum and Bitcoin. The price managed to climb above the $488 and $500 resistance levels, even surpassing the $515 mark to test the $525 level. A peak was reached at $526 before the price began a downside correction, dropping below the $520 level. The decline saw the price dip just below the 23.6% Fibonacci retracement level of the upward move from the $471 swing low to the $526 high.
Additionally, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hourly simple moving average. Should there be a fresh increase, the price could encounter resistance near the $518 level, with the next resistance sitting close to the $525 level. A decisive move above the $525 zone could propel the price higher, potentially testing the $535 level.
An upward close above the $535 resistance might pave the way for a larger move towards the $550 resistance. Further gains could even prompt a test of the $562 level in the near term.
Another Decline?
If BNB fails to overcome the $525 resistance, it might initiate another decline. The initial support on the downside lies near the $510 level, with the next major support at the $500 level. The primary support is situated at $492. Should there be a downside break below the $492 support, the price could fall towards the $470 support. Any further losses might trigger a more substantial decline towards the $450 level.
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 above the 50 level.
Major Support Levels
$510 and $500
Major Resistance Levels
$518 and $525
