Binance Coin (BNB) is capturing market attention with a new upward wave starting from the $500 region. If it surpasses the $588 and $610 levels, an increase in upward momentum is anticipated. So, which levels should investors watch carefully?
BNB Coin Starts a New Uptrend
BNB price has initiated a new uptrend by breaking above the $520 and $540 levels. Currently trading around $575, BNB is above the 100 simple moving average. A significant uptrend line is providing support around $580 on the BNB/USD pair’s 4-hour chart.
However, a new rally could be expected if the price surpasses the $610 resistance area. At the moment, the $588 level is emerging as a significant resistance. But, being prepared for a larger increase is crucial if the price breaks the $610 level. A clear close above the $610 region could further elevate the price and start a journey towards the $680 resistance.
What Are the Warning Signs for BNB in the Crypto Market?
Binance Coin (BNB) has drawn all attention with its recent performance. However, current conditions and technical analyses contain serious warnings about the future.
There’s a warning that a new downtrend could begin if BNB fails to break the $610 resistance. For now, the first support level downward is around $580, which is quite close to the trend line. However, the more critical points to watch are the support region down to $560 and, more importantly, the main support level at $540.
If the $540 support is breached, the price could fall towards a $500 support level. Further significant losses from this point could trigger a serious decline towards the $450 level.
What Do Technical Indicators Say About Binance Coin?
Examining technical indicators, the 4-hour MACD is gaining momentum in the bullish zone for BNB/USD. However, the Relative Strength Index (RSI) is currently above the 50 level. This can be considered a somewhat positive sign.
Altcoin BNB seems to be facing an uncertain period ahead. The main support levels are $580, $560, and $540. However, breaking these levels could lead to a serious drop towards a $500 support region. The resistance levels are set at $598, $610, and $640.
