BNB Price Regains Strength As The Bulls Aim For $650
April 11 2024 - 12:58AM
NEWSBTC
BNB price is attempting a fresh increase from the $575 zone. The
price is up over 5% and the bulls seem to be aiming for a move
above $620. BNB price started a fresh increase after it found
support near the $575 zone. The price is now trading above $600 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support at $587 on the 4-hour chart of the
BNB/USD pair (data source from Binance). The pair could gain
bullish momentum if it clears the $620 resistance zone. BNB Price
Could Surge 15% After a downside correction below $600, BNB price
found support near the $575 zone. A low was formed at $572.8 and
the price started a fresh increase, unlike Ethereum and Bitcoin.
There was a move above the $595 and $600 resistance levels. The
bulls pushed the price above the $605 pivot level. It is up over 5%
and showing many positive signs above the 23.6% Fib retracement
level of the recent increase from the $572.8 swing low to the
$618.0 high. The price is now trading above $600 and the 100 simple
moving average (4 hours). There is also a key bullish trend line
forming with support at $587 on the 4-hour chart of the BNB/USD
pair. Source: BNBUSD on TradingView.com Immediate resistance is
near the $618 level. The next resistance sits near the $620 level.
A clear move above the $620 zone could send the price further
higher. In the stated case, BNB price could test $632. A close
above the $632 resistance might set the pace for a larger increase
toward the $650 resistance. Any more gains might call for a test of
the $700 level in the coming days. Another Decline? If BNB fails to
clear the $620 resistance, it could start a downside correction.
Initial support on the downside is near the $600 level. The next
major support is near the $590 level and the trend line or the
61.8% Fib retracement level of the recent increase from the $572.8
swing low to the $618.0 high. The main support sits at $575. If
there is a downside break below the $575 support, the price could
drop toward the $562 support. Any more losses could initiate a
larger decline toward the $550 level. Technical Indicators 4-Hours
MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is
currently above the 50 level. Major Support Levels – $600, $585,
and $575. Major Resistance Levels – $620, $632, and $650.
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