The Potential Upside for BNB Price as Bulls Aim for $620 Resistance Zone

The Potential Upside for BNB Price as Bulls Aim for $620 Resistance Zone

BNB price is currently on an upward trajectory, attempting to break out from the $575 zone. With a 5% increase, the bulls are setting their sights on surpassing the $620 resistance level. After finding support near $575, BNB price has surged past $600 and is now trading above the 100 simple moving average on the 4-hour chart.

A crucial bullish trend line is forming with support at $587 on the 4-hour chart of the BNB/USD pair, as per data from Binance. This trend line indicates a potential continuation of the positive momentum in the market. If the price manages to clear the $620 resistance zone, it could further strengthen the bullish outlook for BNB.

BNB faces immediate resistance around the $618 level, with the next hurdle at $620. A successful breach above $620 could pave the way for a move towards $632. Furthermore, a close above the $632 resistance may signal a larger uptrend towards the $650 level and potentially even reaching $700 in the near future.

In case BNB struggles to surpass the $620 resistance, a downside correction might occur. The initial support is seen around $600, followed by major support levels at $590 and the key $575 mark. A breach below $575 could trigger a more substantial decline towards $562, with a risk of further losses leading to the $550 level.

Looking at the 4-hour MACD for BNB/USD, the momentum indicator is gaining strength in the bullish territory. Meanwhile, the 4-hour RSI is currently above the 50 level, indicating a positive sentiment among traders and investors.

BNB price is showing signs of an upward movement, with bulls targeting the critical $620 resistance zone. The formation of a bullish trend line and the positive price action above $600 suggest a possible continuation of the uptrend. Traders should keep a close eye on the key resistance and support levels mentioned to gauge the potential future direction of BNB price. As always, it is essential to conduct thorough research and risk assessment before making any investment decisions in the volatile cryptocurrency market.

Analysis

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