BNB price started a new surge above the Resistance zone at $542. The price is now consolidating gains and it could target further gains above $550.
- BNB price started a fresh surge above the $540 resistance zone.
- The price is now trading below $550 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data feed from Binance).
- The pair needs to stay above the pivot level of $540 to start another increase in the near term.
BNB price regains strength
In the past few days, BNB has surpassed Ethereum and BitcoinIt remained stable above $525 and started another rise above the $535 resistance zone.
There was a move above the $542 and $545 resistance levels. The price rose above the 50% Fib retracement level of the downward move from the $562 high to $527 low. However, the bears are now active near the $550 resistance zone.
The price is now trading below the $550 level and the 100 hourly simple moving average. If there is a further increase, the price might face resistance near the $550 level. There is also a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fibonacci retracement level of the downward move from the high of $562 to the low of $527.
The next resistance lies near the $558 level. A clear move above the $558 zone could push the price higher. In the stated case, BNB price could test $565. A close above the $565 resistance could set the pace for a larger move towards the $580 resistance. Any further gains might require a test of the $592 level in the near term.
Are dives allowed?
If BNB fails to clear the $550 resistance, it could start another decline. The initial support on the downside is near the $544 level. The next major support is near the $540 level.
The main support lies at $535. If there is a downside break below the $535 support, the price could drop towards the $520 support. Any further losses could initiate a larger decline towards the $505 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels: $540 and $535.
Major Resistance Levels: $550 and $558.
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