BNB price started a recovery wave above the USD 500 resistance. The price is now consolidating and could target more gains above $530.
- BNB price started a decent upward move from the USD 472 support zone.
- The price is now trading above $500 and the 100-hour moving average.
- A major ascending channel is forming with support at $518 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair could extend its recovery wave if it manages to break the $530 resistance in the near term.
BNB price begins recovery
In recent days, BNB price has seen a decent recovery wave from the $472 support zone, like Ethereum and Bitcoin. The price was able to climb above the USD 495 and USD 500 resistance levels.
It even managed to overcome the USD 520 resistance, but the bears were active near the USD 530 zone. It reached a high at $529.2 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $471 swing low to the $529 high.
The price is now trading above $520 and the 100-hour moving average. A key ascending channel is also forming with support at $518 on the hourly chart of the BNB/USD pair.
If another recovery wave comes, the price may encounter resistance near the $530 level. The next resistance is near the $542 level. A clear move above the $542 zone could send the price higher. In the said case, BNB price could test $550.
A close above the USD 550 resistance could set the pace for a bigger rise towards the USD 565 resistance. Any further gains could require a test of the $580 level in the coming days.
Another drop?
If BNB fails to clear the USD 530 resistance, it could trigger another decline. The initial downside support is near the $520 level or the channel trendline.
The next major support is near the $508 level. The key support is at $500 and the 50% Fib retracement level of the upward move from the $471 swing low to the $529 high. If there is a downside break below the USD 500 support, the price could fall towards the USD 485 support. Any further losses could trigger a bigger decline towards the $472 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 near the 50 level.
Major support levels – USD 520 and USD 500.
Major resistance levels – $530 and $542.
