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?

Съдържание

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