BNB worth began a recent improve above the $542 resistance zone. The worth is now consolidating positive factors and would possibly goal for extra positive factors above $550.
BNB worth began a recent improve above the $540 resistance zone.
The worth is now buying and selling beneath $550 and the 100-hourly easy shifting common.
There’s a key bearish pattern 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 degree to start out one other improve within the close to time period.
BNB Worth Regains Traction
Prior to now few days, BNB outperformed Ethereum and Bitcoin. It remained steady above $525 and began one other improve above the $535 resistance zone.
There was a transfer above the $542 and $545 resistance ranges. The worth climbed above the 50% Fib retracement degree of the downward transfer from the $562 swing excessive to the $527 low. Nevertheless, the bears are actually energetic close to the $550 resistance zone.
The worth is now buying and selling beneath $550 and the 100-hourly easy shifting common. If there’s a recent improve, the worth may face resistance close to the $550 degree. There may be additionally a key bearish pattern line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The pattern line is near the 61.8% Fib retracement degree of the downward transfer from the $562 swing excessive to the $527 low.
The subsequent resistance sits close to the $558 degree. A transparent transfer above the $558 zone may ship the worth greater. Within the said case, BNB worth may take a look at $565. An in depth above the $565 resistance would possibly set the tempo for a bigger transfer towards the $580 resistance. Any extra positive factors would possibly name for a take a look at of the $592 degree 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 degree. The subsequent main assist is close to the $540 degree.
The principle assist sits at $535. If there’s a draw back break beneath the $535 assist, the worth may drop towards the $520 assist. Any extra losses may provoke a bigger decline towards the $505 degree.
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 degree.
Main Help Ranges – $540 and $535.
Main Resistance Ranges – $550 and $558.
