BNB Price Tops $600: Can the Rally Continue?
23 Septiembre 2024 - 12:08AM
NEWSBTC
BNB price started a fresh increase above the $550 resistance zone.
The price is now consolidating near $600 and might aim for more
gains. BNB price started a fresh increase above the $550 resistance
zone. The price is now trading below $580 and the 100-hourly simple
moving average. There is a key bullish trend line forming with
support at $585 on the hourly chart of the BNB/USD pair (data
source from Binance). The pair must stay above the $575 level to
start another increase in the near term. BNB Price Extends Rally In
the past few days, BNB outperformed Ethereum and Bitcoin. It
remained stable above $535 and started another increase above the
$542 resistance zone. There was a move above the $550 and $565
resistance levels. The price even surged above $580 and tested the
$600 resistance zone. A high is formed at $599.7 and the price is
now consolidating above the 23.6% Fib retracement level of the
upward move from the $576 swing high to the $600 high. The price is
now trading below $585 and the 100-hourly simple moving average.
There is also a key bullish trend line forming with support at $585
on the hourly chart of the BNB/USD pair. It is close to the 61.8%
Fib retracement level of the upward move from the $576 swing high
to the $600 high. If there is a fresh increase, the price could
face resistance near the $600 level. The next resistance sits near
the $608 level. A clear move above the $608 zone could send the
price higher. In the stated case, BNB price could test $620. A
close above the $620 resistance might set the pace for a larger
move toward the $635 resistance. Any more gains might call for a
test of the $650 level in the near term. Are Dips Supported? If BNB
fails to clear the $600 resistance, it could start a downside
correction. Initial support on the downside is near the $588 level.
The next major support is near the $585 level and the trend line.
The main support sits at $575. If there is a downside break below
the $575 support, the price could drop toward the $560 support. Any
more losses could initiate a larger decline toward the $550 level.
Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BNB/USD is currently above the 50 level. Major Support
Levels – $585 and $575. Major Resistance Levels – $600 and $608.
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