BNB Price Regains $500: Will Bulls Sustain the Momentum?
BNB price has experienced a fresh surge, surpassing the important $500 level. Currently, the price is consolidating its gains and may be primed for further upside above $525.
Key Points:
– BNB price has initiated a newfound uptrend above the $500 resistance zone.
– At present, the price is trading below $510 and the 100-hourly simple moving average.
– On the hourly chart of the BNB/USD pair (data sourced from Binance), a significant bullish trendline support at $517 was broken.
– In order to continue upward momentum, it is essential for the pair to maintain support above the pivotal $500 level in the near future.
BNB Price Establishes Support Above $500:
Following a base formation above the $470 level, BNB price experienced a fresh surge, similar to Ethereum and Bitcoin. It successfully climbed above the resistance levels at $488 and $500.
Eventually, the price even surpassed the $515 level and tested $525. A high point was achieved at $526, following which the price underwent a corrective pullback. The $520 level was breached during this process, with the price temporarily slipping below the 23.6% Fibonacci retracement level of the upward movement from $471 to $526.
Furthermore, the price broke below a crucial bullish trendline support at $517 on the hourly chart of the BNB/USD pair. The pair is presently trading above $510 and the 100-hourly simple moving average.
Should the price experience another surge, it may encounter resistance around the $518 level, with the subsequent resistance near $525. A decisive move above this level could propel the price even higher towards $535. Additionally, if the price manages to close above the $535 resistance level, it could pave the way for a potential move towards the $550 resistance. Further gains might even rally towards the $562 level in the near term.
Potential Downtrend:
If BNB fails to surpass the $525 resistance level, it could experience another decline. The initial support on the downside can be found near the $510 level, followed by the major support level near $500.
The primary support is currently situated at $492. A breach below the $492 support level may lead the price towards the $470 support. Further losses could even instigate a larger decline towards the $450 level.
Technical Indicators:
The hourly MACD for BNB/USD indicates a slowdown in bullish momentum.
The hourly RSI (Relative Strength Index) for BNB/USD is currently positioned above the 50 level.
Major Support Levels: $510 and $500.
Major Resistance Levels: $518 and $525.