BNB worth is gaining bullish momentum above the $550 resistance. The value is exhibiting constructive indicators and would possibly lengthen its rally above $650.
- BNB worth is up over 15% and it broke the $600 resistance zone.
- The value is now buying and selling above $580 and the 100 easy transferring common (4 hours).
- There’s a key bullish pattern line forming with help at $598 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
- The pair may proceed to rise towards the $650 resistance zone and even $700.
BNB Value Extends Rally
Within the final BNB worth prediction, we mentioned the possibilities of extra positive aspects above the $500 resistance zone. The value continued to rise and broke many hurdles close to the $550 degree.
BNB is now outperforming Bitcoin and Ethereum with a transfer above the $580 resistance. It’s up over 10% as we speak and buying and selling above $600. A excessive was fashioned close to $633 and the worth is now consolidating positive aspects. It’s buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $364 swing low to the $633 excessive.
The value is now buying and selling above $600 and the 100 easy transferring common (4 hours). Fast resistance is close to the $625 degree. The following resistance sits close to the $635 degree. A transparent transfer above the $635 zone may ship the worth additional larger.
Supply: BNBUSD on TradingView.com
Within the acknowledged case, BNB worth may take a look at $650. A detailed above the $650 resistance would possibly set the tempo for a bigger improve towards the $700 resistance. Any extra positive aspects would possibly name for a take a look at of the $780 degree within the coming days.
Dips Restricted?
If BNB fails to clear the $635 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $600 degree and the pattern line.
The following main help is close to the $570 degree. The primary help sits at $500 or the 50% Fib retracement degree of the upward transfer from the $364 swing low to the $633 excessive. If there’s a draw back break under the $500 help, the worth may drop towards the $450 help. Any extra losses may provoke a bigger decline towards the $420 degree.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Energy Index) – The RSI for BNB/USD is presently above the 50 degree.
Main Assist Ranges – $600, $570, and $500.
Main Resistance Ranges – $635, $650, and $700.
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