BNB Price May See Upside Potential If Bulls Overcome $610 Resistance
BNB price is showing signs of a potential upward trend as it attempts to climb from its support level around $500. If the bulls can successfully break through the resistance levels at $588 and $610, the price could gain bullish momentum.
The recent increase in BNB price saw it surpass the $520 and $540 levels. Currently, the price is trading above $575 and the 100 simple moving average on the 4-hour chart. Additionally, there is a bullish trend line forming with support near $580.
To further validate this surge, BNB price needs to clear the $610 resistance zone. If successful, the price might test $645, followed by a potential rally towards the $680 and $700 levels in the coming days.
However, if the resistance at $610 proves too strong for the bulls, there is a possibility of another decline. Initial support lies at $580 and the trend line, with further support at $560 and a key level at $540. A breakdown below $540 may result in a larger decline towards the $500 and $450 levels.
In terms of technical indicators, the MACD for BNB/USD is showing bullish momentum on the 4-hour chart, while the RSI is currently above the 50 level.
It’s important to note that the information provided is for educational purposes only and does not constitute financial advice. Conducting thorough research before making any investment decisions is highly recommended.