Ethereum

Resistance

BNB price is attempting a fresh increase from the $540 zone. The price must settle above the $600 resistance to gain bullish momentum. 
<ul> 
 <li>BNB price started a fresh increase after it cleared the $565 resistance zone.</li> 
 <li>The price is now trading above $580 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could gain bullish momentum if it clears the $602-$610 resistance zone.</li> 
</ul> 
<h2 id="bnb-price-holds-support">BNB Price Holds Support</h2> 
After forming a base above the $535 level, BNB price started a fresh increase. There was a steady increase above the $565 and $575 resistance levels, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-increase-3080/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-63200/" target="_blank" rel="noopener ">Bitcoin</a>. 
The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward move from the $618 swing high to the $5382 low. It is now trading above $590 and the 100 simple moving average (4 hours). 
There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair. The pair seems to be consolidating near the 76.4% Fib retracement level of the downward move from the $618 swing high to the $5382 low. 
Immediate resistance is near the $602 level. The next resistance sits near the $618 level. A clear move above the $618 zone could send the price further higher. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-607350" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/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> 
In the stated case, BNB price could test $635. A close above the $635 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $680 level in the coming days. 
<h2 id="are-dips-supported">Are Dips Supported?</h2> 
If BNB fails to clear the $602 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line. 
The next major support is near the $578 level. The main support sits at $555. If there is a downside break below the $555 support, the price could drop toward the $530 support. Any more losses could initiate a larger decline toward the $520 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 – $592, $578, and $555. 
Major Resistance Levels – $602, $618, and $650.

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

Table of Contents

NewsBTC

Other articles published on May 10, 2024

DEBT Box Case Is Now Getting More Complicated With SEC Cover-Ups

Andrew Tate Coin Will Explode 16,000% Ahead of MEXC Listing, While Shiba Inu, Bonk and Dogecoin S...

Trump-Inspired MAGA Coin Leaves Parody Biden Memecoin In The Dust With 23% Weekly Gain As Ex-Pres...

Bitcoin Spot ETFs Collect $11.29M Net Inflows On Thursday

Nakamoto Games Joins Nvidia and Integrates AIOZ Network for DePIN Solutions Setting Bullish Devel...

Is BlockDAG The Next Crypto Titan? Bold 30,000x Predictions Amid Dogecoin Price Slump And Bitcoin...

Join our free newsletter for daily crypto updates!