BNB’s price is making a recovery from its dip near the $500 support level. The price action suggests a potential upward movement, maybe beyond the $550 mark.
Can you take me higher?
After establishing support around $500 not so long ago, BNB began climbing, mirroring the positive trends seen both in Ethereum and Bitcoin.
The price then broke through key resistance levels at $510 and $515, so analysts think this clearly signaling a short-term bullish trend.
BNB’s price also surpassed the 50% Fibonacci retracement level from its recent decline, moving from a high of $537 to a low of $499.
The momentum continued as the price cleared the $520 resistance level, and it is now, in the time of writing trading quite comfortably above $525 and the 100-hourly simple moving average.
Right now BNB is consolidating around the 61% Fibonacci retracement level from the same downward movement.
On the upside, the price could facing resistance near $530, where a key rising channel is forming on the hourly chart of the BNB/USD pair.
The next resistance to conquer is at $535. If BNB can break through this level, it could pave the way for a further rally. In such a scenario, the price might climb to $550.
The market is strong enough?
If BNB fails to break through the $535 resistance, it may face renewed selling pressure. Initial support on the downside is around $520, with more substantial support near $518.
The primary support level lies at $508. A break below this threshold could trigger a much bigger decline, possibly pushing the price back toward the $500 level again.
Should the selling pressure intensify, BNB could see a further drop to around $480. Right now, the market seems strong, but of course nothing is certain.
The indicators are positive
The MACD for BNB/USD is gaining momentum in the bullish territory, which is clearly positive signal.
This sentiment got support from the RSI for BNB/USD hich is currently positioned above the 50 level, also indicating bullish strength.
The price is stable above the support level around $510, and we can watch the resistance at $535 to see what’s next. BNB’s price recovery indeed appears to be gaining traction, but this $535 resistance level remains a critical point.
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