BNB Price Targeting $600: Can It Reclaim This Milestone?
July 31 2024 - 1:08AM
NEWSBTC
BNB price is holding the $565 support zone. The price is now
consolidating and might aim for more gains above $590 in the near
term. BNB price started a decent upward move from the $565 support
zone. The price is now trading above $580 and the 100-hourly simple
moving average. There was a break above a key bearish trend line
with resistance at $582 on the hourly chart of the BNB/USD pair
(data source from Binance). The pair could extend its increase if
it clears the $590 resistance in the near term. BNB Price Eyes More
Upsides In the past few days, BNB price saw a decent upward move
from the $565 support zone, like Ethereum and Bitcoin. The price
was able to climb above the $572 and $580 resistance levels. It
even cleared the $582 resistance. The current wave surpassed the
50% Fib retracement level of the downward move from the $597 swing
high to the $568 low. Besides, there was a break above a key
bearish trend line with resistance at $582 on the hourly chart of
the BNB/USD pair. The price is now trading above $582 and the
100-hourly simple moving average. It is now consolidating near the
61.8% Fib retracement level of the downward move from the $597
swing high to the $568 low. On the upside, the price could face
resistance near the $588 level. The next resistance sits near the
$590 level. A clear move above the $590 zone could send the price
higher. In the stated case, BNB price could test $600. A close
above the $600 resistance might set the pace for a larger increase
toward the $620 resistance. Any more gains might call for a test of
the $632 level in the near term. Are Dips Limited? If BNB fails to
clear the $590 resistance, it could start a downside correction.
Initial support on the downside is near the $582 level or the
100-hourly simple moving average. The next major support is near
the $575 level. The main support sits at $565. If there is a
downside break below the $565 support, the price could drop toward
the $550 support. Any more losses could initiate a larger decline
toward the $532 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 – $582 and $575. Major
Resistance Levels – $590 and $600.
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