BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase
04 April 2024 - 3:48PM
NEWSBTC
BNB price is attempting a fresh increase from the $545 zone. The
price could gain bullish momentum if it clears the $585 and $590
resistance levels. BNB price started a fresh increase after it
found support near the $545 zone. The price is now trading above
$560 and the 100 simple moving average (4 hours). There is a key
contracting triangle forming with resistance near $585 on the
4-hour chart of the BNB/USD pair (data source from Binance). The
pair could attempt a fresh rally if it clears the $590 resistance
zone. BNB Price Eyes Fresh Surge After a downside correction from
$620, BNB price found support near the $545 zone. A low was formed
at $546.1 and the price started a fresh increase, unlike Ethereum
and Bitcoin. There was a move above the $560 and $565 resistance
levels. The bulls pushed the price above the 23.6% Fib retracement
level of the downward move from the $619 swing high to the $546
low. The price is now trading above $560 and the 100 simple moving
average (4 hours). Immediate resistance is near the $585 level.
There is also a key contracting triangle forming with resistance
near $585 on the 4-hour chart of the BNB/USD pair. It is close to
the 50% Fib retracement level of the downward move from the $619
swing high to the $546 low. Source: BNBUSD on TradingView.com The
next resistance sits near the $590 level. A clear move above the
$590 zone could send the price further higher. In the stated case,
BNB price could test $620. A close above the $620 resistance might
set the pace for a larger increase toward the $640 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 $590 resistance,
it could start another decline. Initial support on the downside is
near the $555 level and the trend line. The next major support is
near the $545 level. The main support sits at $532. If there is a
downside break below the $532 support, the price could drop toward
the $500 support. Any more losses could initiate a larger decline
toward the $465 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 – $555, $545, and $532. Major
Resistance Levels – $585, $590, and $620.
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