BNB worth began a recent enhance above the $542 resistance zone. The worth is now consolidating beneficial properties and may intention for extra beneficial properties above $550.
BNB worth began a recent enhance above the $540 resistance zone.
The worth is now buying and selling under $550 and the 100-hourly easy shifting common.
There’s a key bearish development line forming with resistance at $550 on the hourly chart of the BNB/USD pair (knowledge supply from Binance).
The pair should keep above the $540 pivot stage to begin one other enhance within the close to time period.
BNB Worth Regains Traction
Previously few days, BNB outperformed Ethereum and Bitcoin. It remained secure above $525 and began one other enhance above the $535 resistance zone.
There was a transfer above the $542 and $545 resistance ranges. The worth climbed above the 50% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low. Nevertheless, the bears at the moment are lively close to the $550 resistance zone.
The worth is now buying and selling under $550 and the 100-hourly easy shifting common. If there’s a recent enhance, the worth may face resistance close to the $550 stage. There’s additionally a key bearish development line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The development line is near the 61.8% Fib retracement stage of the downward transfer from the $562 swing excessive to the $527 low.
The subsequent resistance sits close to the $558 stage. A transparent transfer above the $558 zone may ship the worth larger. Within the said case, BNB worth may check $565. An in depth above the $565 resistance may set the tempo for a bigger transfer towards the $580 resistance. Any extra beneficial properties may name for a check of the $592 stage within the close to time period.
Are Dips Supported?
If BNB fails to clear the $550 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $544 stage. The subsequent main assist is close to the $540 stage.
The principle assist sits at $535. If there’s a draw back break under the $535 assist, the worth may drop towards the $520 assist. Any extra losses may provoke a bigger decline towards the $505 stage.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is dropping tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BNB/USD is at the moment above the 50 stage.
Main Assist Ranges – $540 and $535.
Main Resistance Ranges – $550 and $558.
