BNB Price Set to Outperform: Is a Breakout Coming Soon?
18 Septiembre 2024 - 12:08AM
NEWSBTC
BNB price started a fresh increase above the $542 resistance zone.
The price is now consolidating gains and might aim for more gains
above $550. BNB price started a fresh increase above the $540
resistance zone. The price is now trading below $550 and the
100-hourly simple moving average. There is a key bearish trend line
forming with resistance at $550 on the hourly chart of the BNB/USD
pair (data source from Binance). The pair must stay above the $540
pivot level to start another increase in the near term. BNB Price
Regains Traction In the past few days, BNB outperformed Ethereum
and Bitcoin. It remained stable above $525 and started another
increase above the $535 resistance zone. There was a move above the
$542 and $545 resistance levels. The price climbed above the 50%
Fib retracement level of the downward move from the $562 swing high
to the $527 low. However, the bears are now active near the $550
resistance zone. The price is now trading below $550 and the
100-hourly simple moving average. If there is a fresh increase, the
price could face resistance near the $550 level. There is also a
key bearish trend line forming with resistance at $550 on the
hourly chart of the BNB/USD pair. The trend line is close to the
61.8% Fib retracement level of the downward move from the $562
swing high to the $527 low. The next resistance sits near the $558
level. A clear move above the $558 zone could send the price
higher. In the stated case, BNB price could test $565. A close
above the $565 resistance might set the pace for a larger move
toward the $580 resistance. Any more gains might call for a test of
the $592 level in the near term. Are Dips Supported? If BNB fails
to clear the $550 resistance, it could start another decline.
Initial support on the downside is near the $544 level. The next
major support is near the $540 level. The main support sits at
$535. If there is a downside break below the $535 support, the
price could drop toward the $520 support. Any more losses could
initiate a larger decline toward the $505 level. Technical
Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BNB/USD is currently above the 50 level. Major Support Levels –
$540 and $535. Major Resistance Levels – $550 and $558.
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