BNB Price Set to Outperform: Is a Breakout Coming Soon?

Aayush Jindal

9 months ago

2 mins read

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BNB price started a fresh increase above the $542 resistance zone. The price is now consolidating gains and might aim for more gains above $550.

BNB price started a fresh increase above the $540 resistance zone.
The price is now trading below $550 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $540 pivot level to start another increase in the near term.

BNB Price Regains Traction

In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $525 and started another increase above the $535 resistance zone.

There was a move above the $542 and $545 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $562 swing high to the $527 low. However, the bears are now active near the $550 resistance zone.

The price is now trading below $550 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $550 level. There is also a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $562 swing high to the $527 low.

The next resistance sits near the $558 level. A clear move above the $558 zone could send the price higher. In the stated case, BNB price could test $565. A close above the $565 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $592 level in the near term.

Are Dips Supported?

If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $544 level. The next major support is near the $540 level.

The main support sits at $535. If there is a downside break below the $535 support, the price could drop toward the $520 support. Any more losses could initiate a larger decline toward the $505 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $540 and $535.

Major Resistance Levels – $550 and $558.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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