BNB Price Faces Crucial Test: Will $600 Withstand the Pressure?
May 10 2024 - 4:21AM
NEWSBTC
BNB price is attempting a fresh increase from the $540 zone. The
price must settle above the $600 resistance to gain bullish
momentum. BNB price started a fresh increase after it cleared the
$565 resistance zone. The price is now trading above $580 and the
100 simple moving average (4 hours). There is a key bullish trend
line forming with support at $592 on the 4-hour chart of the
BNB/USD pair (data source from Binance). The pair could gain
bullish momentum if it clears the $602-$610 resistance zone. BNB
Price Holds Support After forming a base above the $535 level, BNB
price started a fresh increase. There was a steady increase above
the $565 and $575 resistance levels, like Ethereum and Bitcoin. The
bulls pushed the price above the $580 pivot level and the 61.8% Fib
retracement level of the downward move from the $618 swing high to
the $5382 low. It is now trading above $590 and the 100 simple
moving average (4 hours). There is also a key bullish trend line
forming with support at $592 on the 4-hour chart of the BNB/USD
pair. The pair seems to be consolidating near the 76.4% Fib
retracement level of the downward move from the $618 swing high to
the $5382 low. Immediate resistance is near the $602 level. The
next resistance sits near the $618 level. A clear move above the
$618 zone could send the price further higher. Source: BNBUSD on
TradingView.com In the stated case, BNB price could test $635. A
close above the $635 resistance might set the pace for a larger
increase toward the $650 resistance. Any more gains might call for
a test of the $680 level in the coming days. Are Dips Supported? If
BNB fails to clear the $602 resistance, it could start a downside
correction. Initial support on the downside is near the $592 level
and the trend line. The next major support is near the $578 level.
The main support sits at $555. If there is a downside break below
the $555 support, the price could drop toward the $530 support. Any
more losses could initiate a larger decline toward the $520 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 – $592, $578, and $555. Major Resistance Levels – $602,
$618, and $650.
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