BNB Price Reclaims $500: Can Bulls Maintain the Push?

BNB

Bitcoin

NewsBTCSep 11, 2024 6:20 AM

BNB price started a fresh increase and cleared the $500 pivot zone. The price is now consolidating gains and might aim for more gains above $525.

BNB price started a fresh increase above the $500 resistance zone.
The price is now trading below $510 and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $500 pivot level to start another increase in the near term.

BNB Price Settles Above $500

After forming a base above the $470 level, BNB price started a fresh increase like Ethereum and Bitcoin. The price was able to climb above the $488 and $500 resistance levels.

It even cleared the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $471 swing low to the $526 high.

Besides, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hourly simple moving average.

If there is a fresh increase, the price could face resistance near the $518 level. The next resistance sits near the $525 level. A clear move above the $525 zone could send the price higher. In the stated case, BNB price could test $535.

A close above the $535 resistance might set the pace for a larger move toward the $550 resistance. Any more gains might call for a test of the $562 level in the near term.

Another Decline?

If BNB fails to clear the $525 resistance, it could start another decline. Initial support on the downside is near the $510 level. The next major support is near the $500 level.

The main support sits at $492. If there is a downside break below the $492 support, the price could drop toward the $470 support. Any more losses could initiate a larger decline toward the $450 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $510 and $500.

Major Resistance Levels – $518 and $525.

Reviewed byTony

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