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?

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