BNB Price Could Resume Upside Unless The Bulls Fail At $610
27 Mars 2024 - 4:58AM
NEWSBTC
BNB price is attempting a fresh increase from the $500 zone. The
price could gain bullish momentum if it clears the $588 and $610
resistance levels. BNB price started a fresh increase above the
$520 and $540 levels. The price is now trading above $575 and the
100 simple moving average (4 hours). There is a key bullish trend
line forming with support near $580 on the 4-hour chart of the
BNB/USD pair (data source from Binance). The pair could attempt a
fresh rally if it clears the $610 resistance zone. BNB Price Eyes
Fresh Surge After a downside correction from $645, BNB price found
support near the $500 zone. A low was formed at $498 and the price
started a fresh increase, like Ethereum and Bitcoin. There was a
move above the $520 and $550 resistance levels. The bulls pushed
the price above the 50% Fib retracement level of the downward move
from the $645 swing high to the $498 low. The price is now trading
above $575 and the 100 simple moving average (4 hours). There is
also a key bullish trend line forming with support near $580 on the
4-hour chart of the BNB/USD pair. Immediate resistance is near the
$588 level. It is close to the 61.8% Fib retracement level of the
downward move from the $645 swing high to the $498 low. Source:
BNBUSD on TradingView.com The next resistance sits near the $610
level. A clear move above the $610 zone could send the price
further higher. In the stated case, BNB price could test $645. A
close above the $645 resistance might set the pace for a larger
increase toward the $680 resistance. Any more gains might call for
a test of the $700 level in the coming days. Another Decline? If
BNB fails to clear the $610 resistance, it could start another
decline. Initial support on the downside is near the $580 level and
the trend line. The next major support is near the $560 level. The
main support sits at $540. If there is a downside break below the
$540 support, the price could drop toward the $500 support. Any
more losses could initiate a larger decline toward the $450 level.
Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining
pace in the bullish zone. 4-Hours RSI (Relative Strength Index) –
The RSI for BNB/USD is currently above the 50 level. Major Support
Levels – $580, $560, and $540. Major Resistance Levels – $598,
$610, and $640.
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