BNB Price Breaks $600, Why Bulls Could Now Aim New ATH

BNB value is gaining bullish momentum above the $550 resistance. The value is exhibiting optimistic indicators and may lengthen its rally above $650.

BNB value is up over 15% and it broke the $600 resistance zone.
The value is now buying and selling above $580 and the 100 easy shifting common (4 hours).
There’s a key bullish pattern line forming with assist at $598 on the 4-hour chart of the BNB/USD pair (information supply from Binance).
The pair may proceed to rise towards the $650 resistance zone and even $700.

BNB Worth Extends Rally

Within the final BNB value prediction, we mentioned the possibilities of extra positive factors above the $500 resistance zone. The value continued to rise and broke many hurdles close to the $550 stage.

BNB is now outperforming Bitcoin and Ethereum with a transfer above the $580 resistance. It’s up over 10% at the moment and buying and selling above $600. A excessive was shaped close to $633 and the worth is now consolidating positive factors. It’s buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive.

The value is now buying and selling above $600 and the 100 easy shifting common (4 hours). Instant resistance is close to the $625 stage. The following resistance sits close to the $635 stage. A transparent transfer above the $635 zone may ship the worth additional increased.

Supply: BNBUSD on TradingView.com

Within the said case, BNB value may take a look at $650. An in depth above the $650 resistance may set the tempo for a bigger improve towards the $700 resistance. Any extra positive factors may name for a take a look at of the $780 stage within the coming days.

Dips Restricted?

If BNB fails to clear the $635 resistance, it may begin a draw back correction. Preliminary assist on the draw back is close to the $600 stage and the pattern line.

The following main assist is close to the $570 stage. The principle assist sits at $500 or the 50% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive. If there’s a draw back break under the $500 assist, the worth may drop towards the $450 assist. Any extra losses may provoke a bigger decline towards the $420 stage.

Technical Indicators

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

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

Main Help Ranges – $600, $570, and $500.

Main Resistance Ranges – $635, $650, and $700.

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site completely at your individual threat.