BNB Price Steadies Above Support: Is a Bullish Comeback on the Horizon?
July 11 2024 - 12:58AM
NEWSBTC
BNB price started a recovery wave above the $500 resistance. The
price is now consolidating and might aim for more gains above $530.
BNB price started a decent upward move from the $472 support zone.
The price is now trading above $500 and the 100-hourly simple
moving average. There is a key rising channel forming with support
at $518 on the hourly chart of the BNB/USD pair (data source from
Binance). The pair could extend its recovery wave if it clears the
$530 resistance in the near term. BNB Price Starts Recovery In the
past few days, BNB price saw a decent recovery wave from the $472
support zone, like Ethereum and Bitcoin. The price was able to
climb above the $495 and $500 resistance levels. It even cleared
the $520 resistance, but the bears were active near the $530 zone.
A high was formed at $529.2 and the price is now consolidating
gains. It is trading above the 23.6% Fib retracement level of the
upward move from the $471 swing low to the $529 high. The price is
now trading above $520 and the 100-hourly simple moving average.
There is also a key rising channel forming with support at $518 on
the hourly chart of the BNB/USD pair. If there is another recovery
wave, the price could face resistance near the $530 level. The next
resistance sits near the $542 level. A clear move above the $542
zone could send the price higher. In the stated case, BNB price
could test $550. A close above the $550 resistance might set the
pace for a larger increase toward the $565 resistance. Any more
gains might call for a test of the $580 level in the coming days.
Another Decline? If BNB fails to clear the $530 resistance, it
could start a fresh decline. Initial support on the downside is
near the $520 level or the channel trend line. The next major
support is near the $508 level. The main support sits at $500 and
the 50% Fib retracement level of the upward move from the $471
swing low to the $529 high. If there is a downside break below the
$500 support, the price could drop toward the $485 support. Any
more losses could initiate a larger decline toward the $472 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 near the 50 level. Major Support
Levels – $520 and $500. Major Resistance Levels – $530 and $542.
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024