BNB Price Regains Strength As The Bulls Aim For $650

Aayush Jindal

Last Updated: June 11, 2024 2:42 pm

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

BNB price is attempting a fresh increase from the $575 zone. The price is up over 5% and the bulls seem to be aiming for a move above $620.

BNB price started a fresh increase after it found support near the $575 zone.
The price is now trading above $600 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $620 resistance zone.

BNB Price Could Surge 15%

After a downside correction below $600, BNB price found support near the $575 zone. A low was formed at $572.8 and the price started a fresh increase, unlike Ethereum and Bitcoin.

There was a move above the $595 and $600 resistance levels. The bulls pushed the price above the $605 pivot level. It is up over 5% and showing many positive signs above the 23.6% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high.

The price is now trading above $600 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $587 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

Immediate resistance is near the $618 level. The next resistance sits near the $620 level. A clear move above the $620 zone could send the price further higher. In the stated case, BNB price could test $632. A close above the $632 resistance might set the pace for a larger increase toward the $650 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 $620 resistance, it could start a downside correction. Initial support on the downside is near the $600 level.

The next major support is near the $590 level and the trend line or the 61.8% Fib retracement level of the recent increase from the $572.8 swing low to the $618.0 high. The main support sits at $575. If there is a downside break below the $575 support, the price could drop toward the $562 support. Any more losses could initiate a larger decline toward the $550 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 – $600, $585, and $575.

Major Resistance Levels – $620, $632, and $650.

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.