In an exciting financial sweep, Binance Coin (BNB) has started to gain momentum from its secure base within the $500 zone. If the digital currency manages to successfully leapfrog over the resistance barriers at $586 and $610, there could be significant bullish acceleration on the horizon.
This promising uptrend emerged after the BNB price carved a fresh pathway above the $520 and $540 thresholds. As it currently stands, BNB trades above $575, maintaining its footing above the critical benchmark – the 100 simple moving average over a 4-hour timespan.
Support for this bullish trend strategically falls near $580, as observed on the four-hour BNB/USD pair chart, suggesting an impending optimistic rally if the resistance at the $610 frontier is overcome.
Rewinding to the recent slump at $645, the BNB price luckily stumbled upon a safety net around the $500 mark. This ultimately led to the formation of a new low point at $498 and sparked a resurgence in price, akin to fellow cryptocurrencies like Ethereum and Bitcoin.
During this uptrend, the BNB price edged past resistance at both the $520 and $550 marks. The force of the bull market enabled the price to exceed the 50% Fibonacci retracement level from the dip between the $645 high and the $498 low.
Immediate resistance now looms at the $588 level, situated near the 61.8% Fibonacci retracement point measured from the decline from the $645 peak to the $498 low. Looking ahead, the subsequent significant resistance is anticipated at the $610 level. The market’s reaction to this potential hurdle could set the stage for the future movement of BNB.
If BNB successfully navigates above the $610 zone unscathed, the possibility remains for continued upward growth. In such a scenario, the BNB price could retest its former $645 resistance. If this pinnacle is surpassed, aspiration for more substantial growth towards the $680 limit remains a feasible possibility. Further gains could even push the price to test the $700 level in the days to follow.
Conversely, if BNB fails to clear the $610 obstacle, it may slide into a downward regression. Preliminary support in this retrograde scenario aligns near the $580 mark. Further decline may lead to more major support coming into play near the $560 level, with the primary support stationed at $540. Any dip below the latter could witness the price plummeting towards the $500 zone. A more dramatic depreciation could even spiral downwards towards the precarious $450 mark.
In terms of the current technical indicators, the Moving Average Convergence Divergence (MACD) for BNB/USD has been accelerating within the bullish zone. Simultaneously, the Relative Strength Index (RSI) remains over the critical 50 level. In this landscape, the major supporting levels are $580, $560, and $540, while the significant resistance levels stand at $598, $610, and $640.
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