The BNB price started a new increase above the $542 resistance zone. The price is now consolidating gains and could target more gains above $550.
- BNB price started a fresh rise above the USD 540 resistance zone.
- The price is now trading below $550 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $550 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $540 pivot level for renewed upside in the near term.
BNB price regains traction
In recent days, BNB has outperformed Ethereum and Bitcoin. It held steady above USD 525 and started to rise again above the USD 535 resistance zone.
There was a move above the USD 542 and USD 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 USD 550 resistance zone.
The price is now trading below $550 and the 100-hour moving average. If a new increase occurs, the price may encounter resistance near the $550 level. There is also a major bearish trendline forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trendline 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 is near the $558 level. A clear move above the $558 zone could send the price higher. In the said case, BNB price could test $565. A close above the USD 565 resistance could set the pace for a bigger move towards the USD 580 resistance. Further gains could require a test of the $592 level in the near term.
Are dips supported?
If BNB fails to clear the USD 550 resistance, it could trigger another decline. The initial downside support is near the $544 level. The next major support is near the $540 level.
The main support is at $535. If there is a downside break below the USD 535 support, the price could fall towards the USD 520 support. Any further losses could trigger a bigger decline towards 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 – USD 540 and USD 535.
Major resistance levels – $550 and $558.
