Key Takeaways:
- BNB’s price is up over 10% and trading above the $500 resistance.
- A connecting bullish trend line is forming with support at $450 on the daily chart.
- The price could correct a few points before a fresh leg higher toward $600.
NEW DELHI (CoinChapter.com) — BNB regained strength and climbed above the $500 pivot level. The bulls seem to be aiming toward the $600 resistance in the coming days.
BNB Price Outpaces Bitcoin and Ethereum
In the previous technical analysis, I discussed why the BNB price could surge past $400. The price formed a strong support base above the $350 level and cleared many hurdles near $400. A fresh bullish trend was formed, and the bulls were able to pump the price above $450.
The price has risen over 20% in a few days, outperforming Bitcoin and Ethereum. The price even surged above the $500 pivot level. A new multi-month high was formed at $537, and the price is now consolidating gains.
BNB trades well above the $450 region and the 50-day simple moving average (blue). A connecting bullish trend line is forming on the daily chart with support at $450.
If there is a downside correction, the bulls might remain active near the $500 zone. It is now close to the 23.6% Fib retracement level of the recent rally from the $364 swing low to the $538 high. The first major support is now forming near the $450 pivot and trend lines.
The trend line is close to the recent rally’s 50% Fib retracement level from the $364 swing low to the $538 high. A daily close below the trend line support could increase selling pressure.
In the stated scenario, the BNB price might dive and revisit the $365 support region or the 50-day simple moving average (blue). If the bulls fail to protect $365, the bears could even aim for a test of $300.
Fundamentally, BNB Chain announced the second phase of the TVL Incentive Program, providing DeFi projects on BSC with a prize pool of up to 160,000 USD. All projects deployed on the BSC mainnet since Jan. 1, 2023, can participate.
Are Dips Supported?
Conversely, the bulls might aim for more upsides above the $540 resistance. On the upside, the price faces resistance near the $550 zone. The next major resistance could be near the $568 level. A clear move above the $568 resistance might further pump the price. In the stated case, the price might be $600. Any more gains might send the price toward the $620 resistance level.
Overall, BNB’s price is gaining bullish momentum above the $450 and $500 levels. The bulls could soon aim for a steady increase toward the $600 handle.
