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BNB Price Faces Crucial Test: Will $600 Withstand the Pressure?

n70products by n70products
May 10, 2024
in Market & Analysis
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BNB Price Faces Crucial Test: Will $600 Withstand the Pressure?
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BNB value is trying a recent improve from the $540 zone. The value should settle above the $600 resistance to realize bullish momentum.

  • BNB value began a recent improve after it cleared the $565 resistance zone.
  • The value is now buying and selling above $580 and the 100 easy transferring common (4 hours).
  • There’s a key bullish pattern line forming with assist at $592 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
  • The pair might acquire bullish momentum if it clears the $602-$610 resistance zone.

BNB Value Holds Help

After forming a base above the $535 stage, BNB value began a recent improve. There was a gradual improve above the $565 and $575 resistance ranges, like Ethereum and Bitcoin.

The bulls pushed the worth above the $580 pivot stage and the 61.8% Fib retracement stage of the downward transfer from the $618 swing excessive to the $5382 low. It’s now buying and selling above $590 and the 100 easy transferring common (4 hours).

There’s additionally a key bullish pattern line forming with assist at $592 on the 4-hour chart of the BNB/USD pair. The pair appears to be consolidating close to the 76.4% Fib retracement stage of the downward transfer from the $618 swing excessive to the $5382 low.

Instant resistance is close to the $602 stage. The following resistance sits close to the $618 stage. A transparent transfer above the $618 zone might ship the worth additional greater.

BNB Price

Supply: BNBUSD on TradingView.com

Within the acknowledged case, BNB value might take a look at $635. An in depth above the $635 resistance would possibly set the tempo for a bigger improve towards the $650 resistance. Any extra features would possibly name for a take a look at of the $680 stage within the coming days.

Are Dips Supported?

If BNB fails to clear the $602 resistance, it might begin a draw back correction. Preliminary assist on the draw back is close to the $592 stage and the pattern line.

The following main assist is close to the $578 stage. The principle assist sits at $555. If there’s a draw back break under the $555 assist, the worth might drop towards the $530 assist. Any extra losses might provoke a bigger decline towards the $520 stage.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for BNB/USD is at present above the 50 stage.

Main Help Ranges – $592, $578, and $555.

Main Resistance Ranges – $602, $618, and $650.



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Tags: BNBCrucialFacespressurePricetestWithstand
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