There was a break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data feed from Binance). The pair could gain bullish momentum if it breaks the $572 resistance zone.
The BNB price is attempting a fresh rise from the $515 zone. The price could gain bullish momentum if it breaks the $572 resistance zone.
The BNB price started a fresh rise after finding support near the $515 zone. The price is now trading below $555 and the 100 simple moving average (4-hours).
BNB Price Faces Obstacles
After a downward correction below $550, BNB price found support near the $515 zone. A low was formed at $513.6 and the price started a recovery wave, like Ethereum and Bitcoin. There was a move above the $525 and $530 resistance levels.
The bulls pushed the price above the $540 pivot level and the 23.6% Fibonacci retracement level of the downward move from the high of $630 to the low of $513. There was also a break above a key downtrend line with resistance at $540 on the 4-hour chart of the BNB/USD pair.
The price is still trading below $550 and the 100 simple moving average (4-hours). The immediate resistance is near the $555 level. The next resistance lies near the $572 level or the 50% Fibonacci retracement level of the downward move from the high of $630 to the low of $513.
A clear move above the $572 zone could push the price up further. In the indicated case, the BNB price could test $600. A close above the $600 resistance could set the pace for a further rise towards the $630 resistance. Any further gains could require a test of the $650 level in the coming days.
BNB Price Loses Key Support as Market Falls
Since surpassing $600 for the first time earlier this year, this zone has acted as a legal support for the BNB token.
However, the BNB price first fell below it on March 20, when it reached $507.09. Then, the BNB price showed strength and rose to $625.06 on April 12, an increase of 23.2%.
Since then, the BNB token has fallen with the market and lost the $600 support level. As of April 13, the price of BNB dropped 4.8% to trade at $594.70. Amid the turbulent price action, BNB announced the BSC Testnet Tycho hard fork on April 11.
Despite this and other similar developments, the BNB token has a bearish outlook. Experts predict that the BNB price will fall below $580 in the coming months.
Another Decline?
If BNB fails to overcome the $572 resistance, it could start another decline. The initial support on the downside is near the $532 level. The next major support is near the $520 level. The main support is located at $515.
If there is a downside break below the $515 support, the price could fall towards the $500 support. Any further losses could start a further decline towards the $465 level.
4-Hour MACD Technical Indicators. The MACD for BNB/USD is losing pace in the bullish zone. 4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels. $532, $520, and $515.
Main resistance levels. $555, $572 and $600.
The real-time price of BNB is $302.15 per (BNB/USD) with a current market cap of $45.83B USD. The 24-hour trading volume is $793.64M USD. The BNB price in USD is updated in real time. BNB has changed by +2.54% in the last 24 hours, with a circulating supply of 151.69M.
By Leonardo Perez
