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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

BNB Resilience: Holding Firm At $560 – What’s Next?

Godspower Owie
Godspower Owie
1 year ago
2 mins read
BNB

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The price of BNB hasn’t fallen below its previous low, and it’s showing some strong signs of heading up. After a spell of moving downward, the Binance Smart Chain’s native token is aiming for an upward bounce back towards its earlier high.

Technical Indicators Point Toward Sustained Uptrend For BNB

To figure out where the BNB price might be headed next, several indicators can be used to examine the chart:

BNB

4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. This can be seen in the above image.

RSI 4-hour Timeframe: The formation of the Relative Strength Index (RSI) in the below image also suggests an upward movement as the RSI signal line is seen trending above the 50% level. This indicates that buyers are still very active in the market therefore overpowering the strength of sellers.

4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that BNB is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might be starting a new rally.

BNB

At the time of writing, the price of BNB was up by 1.35% and was trading around $561 in the last 24 hours. BNB price is showing bullish signs and also forming a base above the $508.1 support level. Also, the price is trading above the bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.

Final Thoughts

From the previous downward movement, the price of BNB has managed to create one major resistance level of $635 and one major support level of $508. Currently, BNB is moving toward this resistance level and if it breaks above this level, the price might go even further to create a new high. 

On the other hand, if the price fails to break above this major resistance, it will reverse and start a downward movement toward its previous support and if it manages to break below this support level, the price might move further downward thereby starting a new downward trend.

BNB
BNB trading at $556 on the 1D chart | Source: BNBUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tardingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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