BNB price started a new surge and surpassed the $500 Pivot Zone. The price is now consolidating gains and could target further gains above $525.
- BNB price started a fresh surge above the $500 resistance zone.
- The price is now trading below $510 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair (data feed from Binance).
- The pair needs to stay above the $500 pivot level to start another increase in the near term.
BNB price is above $500
After forming a base above the $470 level, BNB price started a fresh increase as Ethereum and BitcoinThe price managed to break through the resistance levels of $488 and $500.
It even surpassed the $515 level and tested $525. A high was formed at $526 and the price started a downside correction. There was a move below the $520 level. The price fell just below the 23.6% Fibonacci retracement level of the upward move from the low of $471 to the high of $526.
Moreover, there was a break below a key bullish trend line with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100 hourly simple moving average.
If a further increase occurs, the price might face resistance near the $518 level. The next resistance lies near the $525 level. A clear move above the $525 zone could push the price higher. In the stated case, BNB price might test $535.
A close above the $535 resistance could set the pace for a broader move towards the $550 resistance. Any further gains could require a test of the $562 level in the near term.
Another decline?
If BNB fails to clear the $525 resistance, it could start another decline. The initial support on the downside is near the $510 level. The next major support is near the $500 level.
The main support lies at $492. If there is a downside break below the $492 support, the price could drop towards the $470 support. Any further losses could initiate a larger decline towards the $450 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.
Major Support Levels: $510 and $500.
Major Resistance Levels: $518 and $525.
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