BNB Price Tops $600: Can the Rally Continue?

BNB

NewsBTCSep 23, 2024 5:22 AM

BNB price started a fresh increase above the $550 resistance zone. The price is now consolidating near $600 and might aim for more gains.

BNB price started a fresh increase above the $550 resistance zone.
The price is now trading below $580 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $575 level to start another increase in the near term.

BNB Price Extends Rally

In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $535 and started another increase above the $542 resistance zone.

There was a move above the $550 and $565 resistance levels. The price even surged above $580 and tested the $600 resistance zone. A high is formed at $599.7 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $576 swing high to the $600 high.

The price is now trading below $585 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $585 on the hourly chart of the BNB/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $576 swing high to the $600 high.

If there is a fresh increase, the price could face resistance near the $600 level. The next resistance sits near the $608 level. A clear move above the $608 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $635 resistance. Any more gains might call for a test of the $650 level in the near term.

Are Dips Supported?

If BNB fails to clear the $600 resistance, it could start a downside correction. Initial support on the downside is near the $588 level. The next major support is near the $585 level and the trend line.

The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level.

Technical Indicators

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

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

Major Support Levels – $585 and $575.

Major Resistance Levels – $600 and $608.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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