BNB Price Holds Support
BNB price rallied further above $600 before facing sellers, leading to a correction in gains. Currently, it’s testing a crucial support level at $500. Here’s a breakdown of the recent price movements:
- Started a downside correction from the $645 resistance zone.
- Currently trading near $515 and the 100 simple moving average (4 hours).
- A key bearish trend line is forming with resistance near $520 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- Potential for a fresh increase if the $500 support zone holds.
In the previous BNB price prediction, the potential for further gains above the $550 resistance zone was discussed. BNB surpassed expectations by rising above $600, outperforming Bitcoin and Ethereum. However, it faced resistance near $645 and initiated a downside correction.
The price dipped below the $600 level and is currently hovering near $515 and the 100 simple moving average (4 hours). Immediate resistance is expected near the $520 level, followed by the key resistance at $550. A breach above $550 could lead to further upward movement.
If the $520 resistance is not overcome, the price might continue its downward trajectory. Initial support lies near $500 or the 50% Fib retracement level of the upward move from the $365 swing low to the $645 high. Further support levels include $470 and the crucial $430 mark.
Should the price break below $430, it could decline towards the $400 support level, with potential for further losses towards $350.
Technical Indicators
- 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Support and Resistance Levels
- Major Support Levels: $500, $470, and $430.
- Major Resistance Levels: $520, $550, and $580.
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