Altcoin Binance Coin (BNB) has certain levels that investors need to watch. The BNB price seems to have entered a new uptrend with support from the $545 region. It is currently trading above $578, drawing investors’ attention. This level is significant, as Binance has just announced its 51st Launchpool project, Saga, today.
Pay Attention to the Formation on Altcoin Binance Coin (BNB)
Recently, a notable formation has been observed on the 4-hour chart of the BNB/USD pair. A contracting triangle near the resistance level of approximately $585 could play a critical role in determining the price’s future movement. At this point, a solid move above the $590 level could increase BNB’s upward momentum and potentially start a rally towards the $620 resistance.
However, this upward trend may not continue strongly without overcoming certain resistance levels. Therefore, the possibility of a short-term correction should not be overlooked if the $590 level is not breached.
Technical analysis indicates that altcoin BNB has gained upward momentum by surpassing specific resistance levels, such as $560 and $565. However, investors need to closely monitor price movements and firmly confirm the breach above the $590 resistance.
If a New Downtrend Hits Altcoin BNB, Watch These Levels!
Altcoin BNB faces concerns of a potential new downturn as long as it fails to surpass the critical $590 resistance. Currently, the first support level in downward movements is around $555, close to the trend line.
The next critical support point is observed around $545. However, the truly critical support level is at around $532. A break below this level could lead to a rapid decline towards the $500 support level. Moreover, for a larger drop, the $465 level emerges as a critical support point.
Potential for Price Increase
Looking at technical indicators, the 4-hour MACD is gaining momentum in the bullish zone for the BNB/USD pair. Additionally, the 4-hour RSI (Relative Strength Index) is currently above the 50 level, which could indicate potential for further price increases.
Even so, caution is still advised. For a strong uptrend to be confirmed, key resistance levels for Altcoin BNB, such as $585, $590, and $620, need to be breached. Otherwise, the continuation of current uncertainties and more price volatility is likely.
