Home CryptocurrencyAnalysis BNB Price Could Restart the Rally if It is Able to Hold This Key Support

BNB Price Could Restart the Rally if It is Able to Hold This Key Support

by SuperiorInvest

BNB price rose further above $600 before facing sellers. The price corrected the gains and now tests important support at $500.

  • BNB price started a downward correction from the $645 resistance zone.
  • The price is now 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 feed from Binance).
  • The pair could attempt a fresh rise if it stays above the $500 support zone.

BNB price maintains support

In the latest BNB price prediction, we discussed the chances of further gains above the $550 resistance zone. The price continued to rise and cleared many obstacles near the $580 level.

BNB even surpassed Bitcoin and Ethereum with a move above the $600 resistance. Finally, it faced resistance near the $645 zone. A high was formed near $645 and the price recently started a downward correction. There was a move below the $600 level.

The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $365 to the high of $645. The price is now trading near $515 and the 100 simple moving average (4-hours ). The immediate resistance is near the $520 level.

There is also a key bearish trend line forming with resistance near $520 on the 4-hour chart of the BNB/USD pair. The next resistance lies near the $550 level. A clear move above the $550 zone could push the price up further.

Source: BNBUSD on TradingView.com

In the indicated case, the BNB price could test $580. A close above the $580 resistance could set the pace for a further rise towards the $600 resistance. Any further gains could require a test of the $645 level in the coming days.

More losses?

If BNB fails to overcome the $520 resistance, it could continue down. Initial support on the downside is near the $500 level or the 50% Fibonacci retracement level of the upward move from the low of $365 to the high of $645.

The next major support is near the $470 level. The main support is located at $430. If there is a downside break below the $430 support, the price could fall towards the $400 support. Any further losses could start a further decline towards the $350 level.

Technical Indicators

4-hour MACD: The MACD for BNB/USD is gaining pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Main support levels: $500, $470 and $430.

Main resistance levels: $520, $550 and $580.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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