The BNB price started a new increase and made the Turn zone at $500. The price is now consolidating gains and could target more gains above $525.
- BNB price started a new rise above the USD 500 resistance zone.
- The price is now trading below $510 and the 100-hour moving average.
- There was a break below a key bullish trendline with support at $517 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $500 pivot level to rise again in the near term.
BNB price settles above $500
After forming a base above the $470 level, BNB price started a new increase, just like Ethereum and Bitcoin. The price was able to climb above the USD 488 and USD 500 resistance levels.
It even reached the USD 515 level and tested USD 525. A high was formed at $526 and the price started a downward correction. There was a move below the USD 520 level. The price fell just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high.
Additionally, there was a break below a key bullish trendline with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hour moving average.
If a new increase occurs, the price may encounter resistance near the $518 level. The next resistance is near the $525 level. A clear move above the $525 zone could send the price higher. In the said case, BNB price could test $535.
A close above the USD 535 resistance could set the pace for a bigger move towards the USD 550 resistance. Further gains could require a test of the $562 level in the near term.
Another drop?
If BNB fails to clear the USD 525 resistance, it could trigger another decline. The initial downside support is near the $510 level. The next major support is near the $500 level.
The main support is at $492. If there is a downside break below the USD 492 support, the price could fall towards the USD 470 support. Any further losses could trigger a bigger decline towards the $450 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 – USD 510 and USD 500.
Major resistance levels – $518 and $525.
