BNB price has been experiencing a bullish momentum lately, surpassing the $450 resistance level and indicating a strong uptrend. The price is currently trading above $465, with the 100 simple moving average (4 hours) providing additional support. This positive movement was further confirmed by a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair. As a result, the pair could potentially continue its upward trend towards the $500 resistance zone and possibly even reach $520.
In the previous BNB price prediction, there was speculation about the potential for gains above the $400 resistance zone. The bulls in the market indeed remained active and successfully pushed the price above $400. What is particularly notable is that BNB is currently outperforming both Bitcoin and Ethereum, with its move above the $450 resistance level. The price surge has seen BNB up by over 10% and trading above $470, with a recent high near $478. The price is currently consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $478 high.
Looking ahead, if the current bullish trend continues, BNB price could test the $500 mark. A successful close above this resistance level could pave the way for further gains towards the $520 resistance zone. Moreover, there is a possibility of reaching the $542 level in the coming days if the bullish momentum is sustained. However, if BNB fails to break above the $475 resistance, a downside correction might be initiated. The initial support on the downside is expected around the $462 level, followed by major support at $450 and the critical support level at $420.
Technical Indicators and Support Levels
In terms of technical indicators, the 4-hour MACD for BNB/USD is showing accelerated momentum in the bullish zone, indicating a strong upward trend. Additionally, the 4-hour RSI (Relative Strength Index) is currently above the 50 level, further supporting the bullish sentiment. The major support levels for BNB price are identified at $460, $450, and $420, while the key resistance levels include $475, $500, and $520.
Disclaimer
It is important to note that all information provided in this article is intended for educational purposes only. The opinions expressed do not represent the views of NewsBTC on investment decisions. As with any investment, there are risks involved, and it is strongly advised to conduct thorough research before making any financial decisions. Any actions taken based on the information provided in this article are at your own risk.
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