Ethereum

bullish

Resistance

BNB price is holding the $565 support zone. The price is now consolidating and might aim for more gains above $590 in the near term. 
<ul> 
 <li>BNB price started a decent upward move from the $565 support zone.</li> 
 <li>The price is now trading above $580 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could extend its increase if it clears the $590 resistance in the near term.</li> 
</ul> 
<h2 id="bnb-price-eyes-more-upsides">BNB Price Eyes More Upsides</h2> 
In the past few days, BNB price saw a decent upward move from the $565 support zone, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3350/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-65k/" target="_blank" rel="noopener ">Bitcoin</a>. The price was able to climb above the $572 and $580 resistance levels. 
It even cleared the $582 resistance. The current wave surpassed the 50% Fib retracement level of the downward move from the $597 swing high to the $568 low. Besides, there was a break above a key bearish trend line with resistance at $582 on the hourly chart of the BNB/USD pair. 
The price is now trading above $582 and the 100-hourly simple moving average. It is now consolidating near the 61.8% Fib retracement level of the downward move from the $597 swing high to the $568 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632415 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461" alt="BNB Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-3.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
On the upside, the price could face resistance near the $588 level. The next resistance sits near the $590 level. A clear move above the $590 zone could send the price higher. In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. 
<h2 id="are-dips-limited">Are Dips Limited?</h2> 
If BNB fails to clear the $590 resistance, it could start a downside correction. Initial support on the downside is near the $582 level or the 100-hourly simple moving average. 
The next major support is near the $575 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. 
Major Support Levels – $582 and $575. 
Major Resistance Levels – $590 and $600.

BNB Price Targeting $600: Can It Reclaim This Milestone?

Indice dei contenuti

NewsBTC

Altri articoli pubblicati su 31 lug 2024

Venom Continues Global Expansion with Listing on Coins.ph

Crypto: Solana Snatches the Crown of Revenues from Ethereum

Fidelity's Bitcoin ETF Debuts in London

US SEC Chair Gary Gensler Warns Against AI And Crypto Fraud

Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So

Base Dawgz Raises $2.2 Million: Why It's Gaining Attention

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!