Ethereum

Rally

Resistance

BNB price is attempting a fresh increase from the $545 zone. The price could gain bullish momentum if it clears the $585 and $590 resistance levels. 
<ul> 
 <li>BNB price started a fresh increase after it found support near the $545 zone.</li> 
 <li>The price is now trading above $560 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could attempt a fresh rally if it clears the $590 resistance zone.</li> 
</ul> 
<h2 id="bnb-price-eyes-fresh-surge">BNB Price Eyes Fresh Surge</h2> 
After a downside correction from $620, BNB price found support near the $545 zone. A low was formed at $546.1 and the price started a fresh increase, unlike <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-fails-again-3300/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggle-67k/" target="_blank" rel="noopener ">Bitcoin</a>. 
There was a move above the $560 and $565 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $546 low. The price is now trading above $560 and the 100 simple moving average (4 hours). 
Immediate resistance is near the $585 level. There is also a key contracting triangle forming with resistance near $585 on the 4-hour chart of the BNB/USD pair. It is close to the 50% Fib retracement level of the downward move from the $619 swing high to the $546 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601343" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Binance-Coin-BNB.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BNBUSD/" target="_blank" rel="noopener nofollow">BNBUSD on TradingView.com</a> 
The next resistance sits near the $590 level. A clear move above the $590 zone could send the price further higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger increase toward the $640 resistance. Any more gains might call for a test of the $700 level in the coming days. 
<h2 id="another-decline">Another Decline?</h2> 
If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $555 level and the trend line. 
The next major support is near the $545 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $500 support. Any more losses could initiate a larger decline toward the $465 level. 
Technical Indicators 
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. 
Major Support Levels – $555, $545, and $532. 
Major Resistance Levels – $585, $590, and $620.

BNB Price Rally In Jeopardy? Decoding Key Hurdles To Fresh Increase

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