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BNB worth is gaining bullish momentum above the $550 resistance. The worth is exhibiting constructive indicators and may prolong its rally above $650.

• BNB worth is up over 15% and it broke the $600 resistance zone.
• The worth is now buying and selling above $580 and the 100 easy transferring common (4 hours).
• There is a key bullish development line forming with assist at $598 on the 4-hour chart of the BNB/USD pair (information supply from Binance).
• The pair may proceed to rise towards the $650 resistance zone and even $700.

BNB Price Extends Rally

In the final BNB worth prediction, we mentioned the possibilities of extra beneficial properties above the $500 resistance zone. The worth continued to rise and broke many hurdles close to the $550 degree.

BNB is now outperforming Bitcoin and Ethereum with a transfer above the $580 resistance. It is up over 10% at the moment and buying and selling above $600. A excessive was fashioned close to $633 and the value is now consolidating beneficial properties. It is buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $364 swing low to the $633 excessive.

The worth is now buying and selling above $600 and the 100 easy transferring common (4 hours). Immediate resistance is close to the $625 degree. The subsequent resistance sits close to the $635 degree. A transparent transfer above the $635 zone may ship the value additional increased.

Source: BNBUSD on TradingView.com

In the said case, BNB worth may take a look at $650. A detailed above the $650 resistance may set the tempo for a bigger enhance towards the $700 resistance. Any extra beneficial properties may name for a take a look at of the $780 degree within the coming days.

Dips Limited?

If BNB fails to clear the $635 resistance, it may begin a draw back correction. Initial assist on the draw back is close to the $600 degree and the development line.

The subsequent main assist is close to the $570 degree. The most important assist sits at $500 or the 50% Fib retracement degree of the upward transfer from the $364 swing low to the $633 excessive. If there’s a draw back break under the $500 assist, the value may drop towards the $450 assist. Any extra losses may provoke a bigger decline towards the $420 degree.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is at present above the 50 degree.

Major Support Levels – $600, $570, and $500.

Major Resistance Levels – $635, $650, and $700.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use info supplied on this web site completely at your individual danger.