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Binance coin (BNB) price has recently not dropped below its previous lowest level, showing strong signs of entering a robust upward trend. After a period of downward movement, BNB aims to continue its rise towards the highest levels it has seen before. So, what levels should be watched for the Binance coin (BNB) price?
What Do Technical Data Indicate for Binance Coin (BNB)?
Technical indicators can be consulted to predict BNB’s future movements. Currently, several indicators point to a consistent upward trend for BNB:
When examining the MACD indicator on a 4-hour time frame, it is observed that the MACD histograms are above the zero line, and both the MACD line and the Signal line have crossed, moving towards the zero line. This situation indicates a bullish trend.
The formation of the Relative Strength Index (RSI) indicates an upward movement as the RSI signal line is above the 50% level. This situation shows that buyers are still active in the market and have surpassed the strength of sellers.
Which Levels Should Be Focused on for BNB Price?
Currently, BNB’s price has increased by 1.35%, trading around $556 in the last 24 hours. The price, while showing signs of a rise, is also forming a solid base above the $508.1 support level. However, the price is trading above the downward trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.
Considering the current situation, BNB price is trading between the main resistance level of $635 and the main support level of $508. The price is currently moving towards this resistance level, and if BNB breaks above it, it could rise further to create a new high.
However, if the price cannot overcome this major resistance, it might be inclined to reverse and could initiate a drop towards the previous support. If it falls below this support level, the price could drop further and start a new downward trend. It is also worth noting that BNB’s price will be supported by Binance’s new platform, Megadrop, in the upcoming period.
