BNB Price Reclaims $500: Can Bulls Maintain the Push?

BNB terms started a caller summation and cleared the $500 pivot zone. The terms is present consolidating gains and mightiness purpose for much gains supra $525.

• BNB terms started a caller summation supra the $500 absorption zone.
• The terms is present trading beneath $510 and the 100-hourly elemental moving average.
• There was a interruption beneath a cardinal bullish inclination enactment with enactment astatine $517 connected the hourly illustration of the BNB/USD brace (data root from Binance).
• The brace indispensable enactment supra the $500 pivot level to commencement different summation successful the adjacent term.

BNB Price Settles Above $500

After forming a basal supra the $470 level, BNB terms started a caller summation similar Ethereum and Bitcoin. The terms was capable to ascent supra the $488 and $500 absorption levels.

It adjacent cleared the $515 level and tested $525. A precocious was formed astatine $526 and the terms started a downside correction. There was a determination beneath the $520 level. The terms slipped conscionable beneath the 23.6% Fib retracement level of the upward determination from the $471 plaything debased to the $526 high.

Besides, determination was a interruption beneath a cardinal bullish inclination enactment with enactment astatine $517 connected the hourly illustration of the BNB/USD pair. The brace is present trading supra $510 and the 100-hourly elemental moving average.

If determination is simply a caller increase, the terms could look absorption adjacent the $518 level. The adjacent absorption sits adjacent the $525 level. A wide determination supra the $525 portion could nonstop the terms higher. In the stated case, BNB terms could trial $535.

A adjacent supra the $535 absorption mightiness acceptable the gait for a larger determination toward the $550 resistance. Any much gains mightiness telephone for a trial of the $562 level successful the adjacent term.

Another Decline?

If BNB fails to wide the $525 resistance, it could commencement different decline. Initial enactment connected the downside is adjacent the $510 level. The adjacent large enactment is adjacent the $500 level.

The main enactment sits astatine $492. If determination is simply a downside interruption beneath the $492 support, the terms could driblet toward the $470 support. Any much losses could initiate a larger diminution toward the $450 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing gait successful the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is presently supra the 50 level.

Major Support Levels – $510 and $500.

Major Resistance Levels – $518 and $525.