Binance Coin (BNB), with its strong recent performance, is drawing attention in the cryptocurrency world. After starting from the $550 region, BNB price has initiated a new rise, surpassing the $600 resistance and showing potential to exceed $630. This situation signifies a strong comeback to the levels BNB had previously fallen from.
BNB Price Gains Momentum
Cryptocurrency BNB has shown a momentum-filled rising trend after leaving the $550 resistance zone behind. It is currently trading above $600. It appears to have built a strong foundation with the significant rising trend line at the $592 support level.
The bulls, after pushing the price above the $580 level, continue to gain strength. The immediate resistance level for BNB coin is stated as $608, while the next resistance point is around $630. If the price can surpass these levels, $650 could be tested and even a close above this resistance level could pave the way for a rise towards the $680 resistance.
What Happens if Binance Coin (BNB) Price Faces Rejection?
If the cryptocurrency BNB fails to surpass the $608 resistance level, the possibility of initiating a downward correction should not be overlooked. Currently, the first downward support is close to the $592 level and the trend line. The following critical support level is around $585.
Below this level, the main support waits at $570. However, if a break below the $570 support occurs, the price could potentially fall towards $550. In case of further losses, a larger decline to $532 could begin.
What Do Technical Indicators Say?
Upon examining technical indicators, the 4-hour MACD is gaining momentum in the bullish zone for BNB/USD. Similarly, the 4-hour RSI (Relative Strength Index) for the BNB/USD pair is currently above the 50 level. This situation indicates that the bullish movement might continue.
In the cryptocurrency world, the main support levels for Binance coin (BNB) are identified as $592, $585, and $570, while the resistance levels are observed as $608, $630, and $650, respectively.
