BNB Price Starts New Higher Move Resistance zone $525. The price is now consolidating growth and may strive for further growth above $550.
- BNB price started a new rise above the $525 resistance zone.
- The price is currently trading below $535 and the 100-hour simple moving average.
- The hourly chart of the BNB/USD pair (data source: Binance) shows a short-term ascending channel forming with support at $540.
- The pair needs to hold above the $525 level to start a new rally in the near future.
BNB Price Settled Above $525
In the last analysis, we discussed the possibility of further price growth of BNB above the resistance of $525. The price has surpassed Ethereum and Bitcoin. It has risen above the levels of $525 and $535.
It even tested the $550 resistance zone. The high was formed at $549.5 and the price started a downward correction. There was a move below $545. The price dropped just below the 23.6% Fibonacci retracement level of the upward move from the swing low of $507 to the high of $549.
The pair is currently trading above $535 and the 100-hour simple moving average. There is also a short-term ascending channel forming on the hourly chart of the BNB/USD pair with support at $540.
If there is a new rise, the price may face resistance around $548. The next resistance is around $550. A clear move above the $550 zone could send the price higher. In this case, the BNB price may test $562.
A close above the $562 resistance could set the pace for a larger move towards the $580 resistance. Any further gains could require a test of the $585 level in the near term.
Are the failures limited?
If BNB fails to break the $550 resistance, it could start a new decline. Initial support on the downside is around the $540 level and the channel trend line. The next major support is around the $525 level or the 61.8% Fibonacci retracement level of the upside move from the $507 swing low to the $549 high.
The main support is at $520. If there is a break below the $520 support, the price could fall towards the $505 support. Any further losses could trigger a stronger fall towards the $500 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 $540 and $525.
The main resistance levels are $548 and $550.
