BNB worth began a contemporary improve above the $542 resistance zone. The worth is now consolidating positive factors and would possibly purpose for extra positive factors above $550.
BNB worth began a contemporary improve above the $540 resistance zone.
The worth is now buying and selling beneath $550 and the 100-hourly easy transferring common.
There’s a key bearish development line forming with resistance at $550 on the hourly chart of the BNB/USD pair (information supply from Binance).
The pair should keep above the $540 pivot stage to begin one other improve within the close to time period.
BNB Value Regains Traction
Previously few days, BNB outperformed Ethereum and Bitcoin. It remained steady above $525 and began one other improve above the $535 resistance zone.
There was a transfer above the $542 and $545 resistance ranges. The worth climbed above the 50% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low. Nonetheless, the bears at the moment are lively close to the $550 resistance zone.
The worth is now buying and selling beneath $550 and the 100-hourly easy transferring common. If there’s a contemporary improve, the value might face resistance close to the $550 stage. There’s additionally a key bearish development line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The development line is near the 61.8% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low.
The following resistance sits close to the $558 stage. A transparent transfer above the $558 zone might ship the value greater. Within the acknowledged case, BNB worth might take a look at $565. A detailed above the $565 resistance would possibly set the tempo for a bigger transfer towards the $580 resistance. Any extra positive factors would possibly name for a take a look at of the $592 stage within the close to time period.
Are Dips Supported?
If BNB fails to clear the $550 resistance, it might begin one other decline. Preliminary help on the draw back is close to the $544 stage. The following main help is close to the $540 stage.
The primary help sits at $535. If there’s a draw back break beneath the $535 help, the value might drop towards the $520 help. Any extra losses might provoke a bigger decline towards the $505 stage.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BNB/USD is at the moment above the 50 stage.
Main Assist Ranges – $540 and $535.
Main Resistance Ranges – $550 and $558.
