BNB Price Will Rise If It Overcomes This Obstacle
BNB price is rebounding from $540 support. The price is climbing and may target $635 barrier again.
BNB price struggles to break $585 barrier.
The price is at $580 and the 100-hour SMA.
BNB/USD broke above a negative trend line with resistance at $578 on the hourly chart.
To rise soon, the pair needs hold above $560.
BNB Price May Rise
BNB price battled over $620 after a significant gain. It retreated from $619, like Ethereum and Bitcoin.
Below the $600 support zone. The price fell below $580. After a low of $559, the price began a nice rebound. Price rose beyond $570. The price rose above the 23.6% Fib retracement of the $619 swing high to $559 low decline.
BNB/USD broke above a negative trend line with resistance at $578 on the hourly chart. The price is at $580 and the 100-hour SMA.
If prices rise, they may encounter resistance at $590 or the 50% Fib retracement level of the decline from the $619 swing high to the $559 low. Around $595 is the next resistance. A decisive break over $595 might boost prices.
In this instance, BNB may reach $605. Close over $605 barrier might lead to a move toward $620 resistance. More gains may challenge $632 soon.
Another Fall?
BNB may fall again if it fails to break $590 barrier. The downside has first support at $570. Near $560 is the next big support.
The major support is $540. If the price breaks below $540, it might fall to $532. More losses might cause a drop to $510.
Tech Indicators
Hourly MACD - BNB/USD MACD is rising in the positive zone.
Hourly RSI (Relative Strength Index): BNB/USD is over 50.
Major Support Levels: $560, $540.
$590–$605 are major resistance levels.
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