BNB Price Targeting $600: Can It Reach This Milestone?
BNB price is currently holding support at the $565 level and is undergoing consolidation. There is a possibility for further gains above $590 in the near future.
BNB price recently started a positive upward movement from the $565 support level. It is currently trading above $580 and the 100-hourly simple moving average. Additionally, there was a break above a significant bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data sourced from Binance). If the pair successfully clears the $590 resistance level, it could potentially extend its gains.
Over the past few days, BNB price has shown substantial upward movement, similar to Ethereum and Bitcoin. It surpassed the $572 and $580 resistance levels and even broke above the $582 resistance. The ongoing wave has also surpassed the 50% Fibonacci retracement level of the previous downward move from the $597 swing high to the $568 low. Currently, the price is consolidating near the 61.8% Fibonacci retracement level of the same downward move.
Looking at the upside, there might be resistance around the $588 level, followed by the $590 level. A clear breakthrough above the $590 zone could lead to a further increase in price. In this case, BNB price might test the $600 milestone. If the price manages to close above the $600 resistance, it could pave the way for an even larger increase towards the $620 resistance. Further gains could potentially push the price towards the $632 level in the near future.
However, if BNB fails to clear the $590 resistance level, a downside correction could occur. Initial support can be found near the $582 level or the 100-hourly simple moving average. The next major support level is located around $575, with the main support at $565. A break below the $565 support may lead to a drop towards the $550 support level. Further losses might initiate a larger decline towards the $532 level.
In terms of technical indicators, the MACD for BNB/USD is showing bullish momentum, while the RSI (Relative Strength Index) is currently above the 50 level.
In summary, BNB is targeting a price of $600 and has the potential to reach this milestone if it surpasses the $590 resistance level. However, a downside correction is possible if the resistance is not cleared. Major support levels are at $582, $575, and $565.