Binance Coin (BNB) is attempting a new rise from the $515 region. However, it appears that it needs to overcome the $572 resistance area to gain momentum. BNB price has initiated a new upward movement after finding solid support near the $515 region, but it is currently trading just below $555. What levels should be watched for BNB?
Key Levels to Watch for BNB
BNB/USD pair has broken above a significant downtrend line at the $540 resistance level on the 4-hour chart. After a correction below $550, BNB price found support near the $515 region. The lowest level was around $513.6. Subsequently, a recovery wave began along with other cryptocurrencies like Ethereum and Bitcoin.
The price has risen above the $525 and $530 resistance levels. Bulls have pushed the price above the $540 level. On the 4-hour chart of BNB/USD, a breakout has occurred above the significant downtrend line at the $540 resistance. The price is trading at $554. The immediate resistance level is around $560, with the next at $572.
A clear move above the $572 region could push the price higher. In this case, BNB price could test $600. A close above the $600 resistance could pave the way for a larger rise towards $630. For further gains, testing the $650 level in the coming days might be necessary.
If BNB Price Fails to Ascend
If Binance Coin (BNB) fails to surpass the $572 resistance level, a new decline could begin. Currently, BNB’s first downward support level is around $532. Below this level, the next main support is expected near $520.
However, the critical support level is at $515. If the price falls below this level, a drop towards the $500 support could be inevitable. Moreover, a move towards the $465 level could be observed for a larger downtrend.
Technical Indicators Suggest a Bullish Outlook
According to technical indicators, the 4-hour MACD for BNB/USD is losing momentum in the bullish zone. Similarly, the 4-hour RSI (Relative Strength Index) is trending below the 50 level, which could indicate continued selling pressure.
Key support levels for BNB are set at $532, $520, and $515 respectively. Resistance levels are being monitored at $560, $572, and $600.
