BNB price at $600, but what’s next?

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BNB just started to rise again, moving above the $550 resistance level. It is currently stabilizing near $600 and everyone wants answer, will it print more gains?

BNB’s price performance, are we happy?

A TradingView analyst, named Aayushjindal, shared the analysis of BNB, as it shows strong performance in the days, surpassing both Ethereum and Bitcoin.

The coin has remained steady above $535 and has now increased past the $542 resistance zone.

It moved above both the $550 and $565 levels, even reaching as high as $599 before testing the $600 resistance area.

And this is a quite important level to conquer. Right now BNB is consolidating above the 23.6% Fibonacci retracement level from its high of $600 down to around $590 in the time of writing.

Trendlines to break

At this price, BNB is trading below the 100-hour simple moving average. A key bullish trend line is forming with support at around $585 on the hourly chart for the BNB/USD pair, which is close to the 61.8% Fibonacci retracement level of the upward move from $576 to $600.

If BNB manages to push through the $600 resistance, it could face more resistance around the $608 level.

A clear breakout above this zone might lead the price higher, potentially testing $620 next.

If it closes above $620, it could set up for a larger move toward the $635 mark. If gains continue, and many traders hope they will, there might be a chance to test the $650 level in the near future.

The pessimist scenario

On the other hand, if BNB can’t break through the $600 resistance, it may begin to correct downward.

Initial support is found near the $588 level, with stronger support at around $585 and along the trend line.

The main support level is at $575, and if it drops below this point, analysts think BNB could fall toward the $560 support level.

Any further declines could lead to a larger drop to the $550 mark.

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Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

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