BNB price started a new rise and cleared Pivot zone $500. The price is now consolidating growth and may seek further growth above $525.
- BNB price started a new rise above the $500 resistance zone.
- The price is currently trading below $510 and the 100-hour simple moving average.
- The hourly chart of BNB/USD (data source: Binance) shows a break below a key bullish trend line with support at $517.
- The pair needs to hold above the $500 level to start a new rally in the near future.
BNB Price Settled Above $500
After forming a base above $470, BNB price started a new growth, like Ethereum and Bitcoin. The price managed to rise above the resistance levels of $488 and $500.
It even broke $515 and tested $525. The high was formed at $526 and the price started a downward correction. There was a move below $520. The price dropped just below the 23.6% Fibonacci retracement level of the upward move from the swing low of $471 to the high of $526.
There was also a break below a key bullish trendline with support at $517 on the hourly chart of BNB/USD. The pair is currently trading above $510 and the 100-hourly simple moving average.
If there is a new rise, the price may face resistance around $518. The next resistance is around $525. A clear move above the $525 zone could send the price higher. In this case, the BNB price may test $535.
A close above the $535 resistance could set the pace for a larger move towards the $550 resistance. Any further gains could require a test of the $562 level in the near term.
Another recession?
If BNB fails to break the $525 resistance, it may start a new decline. The initial support on the downside is near the $510 level. The next important support is near the $500 level.
The main support is at $492. If there is a break below the $492 support, the price could fall towards the $470 support. Any further losses could trigger a stronger fall towards the $450 level.
Technical indicators
Hourly MACD – 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.
The main support levels are $510 and $500.
The main resistance levels are $518 and $525.
