BNB price holds the Support zone at $565. The price is now consolidating and could aim for more gains above $590 in the near term.
- BNB price started a decent upward move from the USD 565 support zone.
- The price is now trading above $580 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $582 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair could extend its rise if it manages to overcome the USD 590 resistance in the near term.
BNB Price has more positive aspects
In recent days, BNB price saw quite an upward move from the USD 565 support zone, like Ethereum and Bitcoin. The price was able to climb above the USD 572 and USD 580 resistance levels.
It has even cleared the USD 582 resistance. The current wave surpassed the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low. Additionally, there was a break above a key bearish trendline with resistance at $582 on the hourly chart of the BNB/USD pair.
The price is now trading above USD 582 and the 100-hour moving average. It is now consolidating near the 61.8% Fib retracement level of the downward move from the $597 swing high to the $568 low.
On the upside, the price could encounter resistance around the $588 level. The next resistance is near the $590 level. A clear move above the $590 zone could send the price higher. In the said case, BNB price could test $600. A close above the USD 600 resistance could set the pace for a bigger rise towards the USD 620 resistance. Further gains could require a test of the $632 level in the near term.
Are dips limited?
If BNB fails to clear the USD 590 resistance, it could initiate a downward correction. The initial downside support is near the $582 level or the 100-hour moving average.
The next major support is near the $575 level. The main support is at $565. If there is a downside break below the USD 565 support, the price could decline towards the USD 550 support. Any further losses could trigger a bigger decline towards the $532 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 582 and USD 575.
Major resistance levels – $590 and $600.
