Key Takeaways:
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.
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.
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.
Toncoin Surges Amid Growing Adoption Toncoin's Total Value Locked (TVL) has surged to over $218…
Toncoin Outshines Bitcoin This Year, Gaining 160% LUCKNOW (CoinChapter.com) — Toncoin (TON) has outshone Bitcoin (BTC)…
Quantum computing is a supervillain every Bitcoin fan should be afraid of, according to Professor…
Iranian President Ebrahim Raisi was killed in a helicopter crash on May 19, 2024. The…
crypto chinese investor YEREVAN (CoinChapter.com) — Once upon a time, a Chinese teen lost Bitcoin…
Pepecoin (PEPE) rallied over 50% and retested the $0.0000118 resistance. However, the price failed to…