Key Takeaways:
- BNB price is holding gains above the $500 resistance.
- A major bullish trend line is forming with support at $470 on the daily chart.
- The price could again accelerate higher if it clears the $580 resistance zone.
NEW DELHI (CoinChapter.com) — BNB rallied toward $650 and corrected lower. The bulls are currently active above $500 and aiming for a fresh rally above the $580 resistance.
BNB Price Remains In Uptrend
In the previous technical analysis, I discussed why the BNB price could rally further toward $600. The price did follow a bullish path above the $500 resistance zone and the 50-day simple moving average (blue). The bulls were able to pump the price above the $600 resistance.
A new multi-month high was formed at $645 before there was a pullback, like Bitcoin and Ethereum. The price declined below the $600 and $580 support levels.
BNB dived below the 23.6% Fib retracement level of the upward move from the $364 swing low to the $645 high. However, the bulls were active above the $500 support zone and the 50-day simple moving average (blue).
They protected the 50% Fib retracement level of the upward move from the $364 swing low to the $645 high. There is also a major bullish trend line forming with support at $470 on the daily chart.
BNB is again rising and trading above the $550 resistance. It is now attempting an upside break above the $578 and $580 resistance levels. A clear move and close above the $580 resistance could open the doors for another rally.
The next major resistance could be near the $625 level. A clear move above the $625 resistance might pump the price higher further. In the stated case, the price might test $650. Any more gains might send the price toward the $700 resistance level.
Another Decline?
If there is a rejection near the $580 zone, BNB price might dip again. Immediate support is near the $535 level. The first major support is now forming near the $500 pivot level. The main support is near the trend line and $470.
A daily close below the trend line support could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $425 support region or the 50-day simple moving average (blue). If the bulls fail to protect $425, the bears could even aim for a test of $335.
Overall, BNB price is gaining bullish momentum above the $550 and $560 levels. A close above the $580 resistance could resend the price toward $650 or even $700.
