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

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