In the ever-fluctuating world of cryptocurrency, Binance Coin’s (BNB) price embarks on a fresh ascent from its foothold in the $545 zone. Market predictors indicate potential bullish momentum if the cryptocurrency successfully breaches the sturdy resistance levels of $585 and $590.
Experience from recent activity shows that the BNB price embarked on an upward trajectory after finding strong footing around the $545 benchmark. Current trading patterns reveal that it has climbed past the $560 mark, concurrently with the 100 simple moving average index (a significant indicator over a 4-hour plot).
Furthermore, the currency appears to be in the midst of a crucial contracting triangle, enduring resistance close to the $585 threshold, evident from patterns observed on the 4-hour BNB/USD pair chart. If the $590 resistance zone barrier is effectively broken, the coin could potentially head on to another uplift.
In the wake of a minor setback from $620, the value of BNB rallied around the $545 limit, bottoming out at a respectable $546.1. Despite Ethereum and Bitcoin’s recent performance, BNB initiated a recovery that saw it climb the $560 and $565 resistance levels. Eager for growth, the price successfully surpassed the 23.6% Fibonacci retracement level of the downward slide from the $619 peak to the $546 nadir. Consequently, the price is comfortably seated above the $560 mark and the 100 simple moving average index (analysed over a 4-hour span).
The immediate resistance is lurking around the $585 limit. Meanwhile, the contracting triangle remains a notable factor, persisting with resistance proximal to $585 on the BNB/USD pair’s 4-hour chart. Interestingly, it’s in the vicinity of the 50% Fibonacci retracement mark, calculated from the decline spanning from a high of $619 down to $546.
Looking ahead, the next resistance will shoulder against the $590 benchmark. BNB will eagerly anticipate a decisive breach above the $590 boundary, potentially propelling the price even higher. If such a scenario unfolds, the BNB price could aim to reach and test the $620 limit. A convincing closing figure beyond the $620 resistance might set the wheels in motion for an even larger surge, potentially up to the $640 limit, with more gains possibly nudging the price to test the tantalizing $700 mark in forthcoming days.
Yet, any unsuccessful attempts to penetrate the firm $590 resistance line could instigate another decline. Initial support on the downside is rooted near the $555 benchmark and the trend line, followed by significant sustenance near the $545 zone. A substantial support wall is established at $532; any breakdown under this limit could precipitate a drop spiraling towards the $500 support mark. Further losses might trigger a more substantial decline, potentially descending to the region of $465.
On the side-lines, the 4-hour MACD (Moving Average Convergence Divergence) for BNB/USD is gradually accelerating in bullish territory, and the 4-hour RSI (Relative Strength Index) for BNB/USD currently hovers healthily over the pivotal 50-line threshold.
At this momentous juncture, the foremost support levels stand at $555, $545, and $532, whereas the formidable resistance levels reading on the horizon halt at the $585, $590, and $620 barriers.
Be the first to comment