💥💥💥 $BNB Price Poised for Surge: Is It the Next Big Crypto Mover?
BNB price is consolidating near the $600 mark and may be preparing for another attempt to climb above $605.
Key Points:
- BNB recently started a correction from the $612 resistance level.
- The price remains above $590 and the 100-hourly simple moving average.
- A bullish trend line with support near $595 is forming on the hourly BNB/USD chart (Binance data).
- To continue its uptrend, BNB must hold above the $588 support level.
BNB Price Holds Key Support
- After breaking past $585, BNB continued to rise, but gains were capped at $610, falling short of the recent rallies seen in Bitcoin and Ethereum.
- The price briefly dipped under $605 and $600, touching the 23.6% Fib retracement level from the $543 low to the $611 high. Despite this, BNB is holding steady above $580, trading around $595 with support from the 100-hourly simple moving average and a key trend line.
- A fresh upswing may face resistance at $605, with further obstacles at $612. A strong push beyond $612 could drive BNB towards $620, and a close above that level might lead to a larger rally to the $632 resistance. Additional gains could even see BNB approaching $650 in the short term.
Potential Downside
- If BNB struggles to break the $605 resistance, it may decline. Initial support lies near $595 and the trend line, with major support at $578 (50% Fib level of the $543 to $611 rise). A breakdown below $570 could see BNB fall toward $560, with potential losses extending to $550.
Technical Indicators:
- Hourly MACD: Slowing in the bullish zone.
- Hourly RSI: Currently below 50, indicating slight bearish pressure.
- Support Levels: $595, $578
- Resistance Levels: $605, $612
