BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

BNB worth is trying a contemporary improve from the $550 zone. The worth cleared the $600 resistance and would possibly prolong its improve above $630.

BNB worth began a contemporary improve after it cleared the $550 resistance zone.
The worth is now buying and selling above $580 and the 100 easy transferring common (4 hours).
There’s a key bullish development line forming with assist at $592 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
The pair may acquire bullish momentum if it clears the $608-$610 resistance zone.

BNB Worth Beneficial properties Power

After forming a base above the $520 stage, BNB worth began a contemporary improve. There was a gentle improve above the $550 and $565 resistance ranges, like Ethereum and Bitcoin.

The bulls pushed the value above the $580 pivot stage and the 61.8% Fib retracement stage of the downward wave from the $630 swing excessive to the $512 low. Extra importantly, the value is now buying and selling above $580 and the 100 easy transferring common (4 hours).

It’s consolidating simply above the 76.4% Fib retracement stage of the downward wave from the $630 swing excessive to the $512 low. There’s additionally a key bullish development line forming with assist at $592 on the 4-hour chart of the BNB/USD pair.

Supply: BNBUSD on TradingView.com

Instant resistance is close to the $608 stage. The following resistance sits close to the $630 stage. A transparent transfer above the $630 zone may ship the value additional larger. Within the acknowledged case, BNB worth may check $650. An in depth above the $650 resistance would possibly set the tempo for a bigger improve towards the $680 resistance. Any extra positive factors would possibly name for a check of the $720 stage within the coming days.

Are Dips Supported?

If BNB fails to clear the $608 resistance, it may begin a draw back correction. Preliminary assist on the draw back is close to the $592 stage and the development line.

The following main assist is close to the $585 stage. The principle assist sits at $570. If there’s a draw back break under the $570 assist, the value may drop towards the $550 assist. Any extra losses may provoke a bigger decline towards the $532 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 at present above the 50 stage.

Main Assist Ranges – $592, $585, and $570.

Main Resistance Ranges – $608, $630, and $650.

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