BNB Price Analysis: Can BNB Break Above $572 Resistance?

BNB Price Analysis: Can BNB Break Above $572 Resistance?

BNB price is currently attempting a fresh increase from the $515 zone. The price could potentially gain bullish momentum if it manages to clear the $572 resistance zone. After starting a fresh increase from the $515 support zone, the price is now trading below $555 and the 100 simple moving average (4 hours).

There was a significant break above a key bearish trend line with resistance at $540 on the 4-hour chart of the BNB/USD pair (data source from Binance). This breakout could potentially pave the way for further bullish momentum if the resistance levels are breached successfully.

Following a downside correction below $550, BNB price found support near the $515 zone with a low formed at $513.6. Subsequently, the price started a recovery wave similar to other cryptocurrencies like Ethereum and Bitcoin. The bulls managed to push the price above key resistance levels such as $525, $530, and $540.

The immediate resistance for BNB price is near the $555 level, with the next significant resistance sitting at the $572 level. A clear move above this zone could potentially send the price further higher, possibly testing the $600 level in the near future. A close above $600 resistance might set the pace for a larger increase towards the $630 resistance, with the possibility of reaching $650 in the coming days.

However, if BNB fails to clear the $572 resistance, it could potentially start another decline. The initial support on the downside is near the $532 level, followed by major support levels at $520 and $515. A downside break below the $515 support could trigger a drop towards the $500 level, with further losses potentially leading to a decline towards $465.

Looking at the technical indicators, the 4-hours MACD for BNB/USD is losing pace in the bullish zone, signaling a potential slowdown in the bullish momentum. The 4-hours RSI (Relative Strength Index) for BNB/USD is currently below the 50 level, indicating a lack of strong buying pressure at the moment.

It is essential to note that the information presented in this article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. Investing in cryptocurrencies carries inherent risks, and individuals are strongly advised to conduct their own research before making any investment decisions. Any investments made based on the information provided in this article are done so entirely at one’s own risk.

Analysis

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