Market Cap
24h Vol
6566
Cryptocurrencies
51.43%
Bitcoin Share

BNB Price Set to Outperform: Is a Breakout Coming Soon?

BNB Price Set to Outperform: Is a Breakout Coming Soon?


NewsBTC
2024-09-18 05:08:54

BNB price started a fresh increase above the $542 resistance zone. The price is now consolidating gains and might aim for more gains above $550. BNB price started a fresh increase above the $540 resistance zone. The price is now trading below $550 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $540 pivot level to start another increase in the near term. BNB Price Regains Traction In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $525 and started another increase above the $535 resistance zone. There was a move above the $542 and $545 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $562 swing high to the $527 low. However, the bears are now active near the $550 resistance zone. The price is now trading below $550 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $550 level. There is also a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $562 swing high to the $527 low. The next resistance sits near the $558 level. A clear move above the $558 zone could send the price higher. In the stated case, BNB price could test $565. A close above the $565 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $592 level in the near term. Are Dips Supported? If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $544 level. The next major support is near the $540 level. The main support sits at $535. If there is a downside break below the $535 support, the price could drop toward the $520 support. Any more losses could initiate a larger decline toward the $505 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $540 and $535. Major Resistance Levels – $550 and $558.


Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.