Ethereum

Resistance

BNB price started a recovery wave above the $500 resistance. The price is now consolidating and might aim for more gains above $530. 
<ul> 
 <li>BNB price started a decent upward move from the $472 support zone.</li> 
 <li>The price is now trading above $500 and the 100-hourly simple moving average.</li> 
 <li>There is a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could extend its recovery wave if it clears the $530 resistance in the near term.</li> 
</ul> 
<h2 id="bnb-price-starts-recovery">BNB Price Starts Recovery</h2> 
In the past few days, BNB price saw a decent recovery wave from the $472 support zone, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-3120/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hit-rejection-60k/" target="_blank" rel="noopener ">Bitcoin</a>. The price was able to climb above the $495 and $500 resistance levels. 
It even cleared the $520 resistance, but the bears were active near the $530 zone. A high was formed at $529.2 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $471 swing low to the $529 high. 
The price is now trading above $520 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair. 
If there is another recovery wave, the price could face resistance near the $530 level. The next resistance sits near the $542 level. A clear move above the $542 zone could send the price higher. In the stated case, BNB price could test $550. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629132 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $550 resistance might set the pace for a larger increase toward the $565 resistance. Any more gains might call for a test of the $580 level in the coming days. 
<h2 id="another-decline">Another Decline?</h2> 
If BNB fails to clear the $530 resistance, it could start a fresh decline. Initial support on the downside is near the $520 level or the channel trend line. 
The next major support is near the $508 level. The main support sits at $500 and the 50% Fib retracement level of the upward move from the $471 swing low to the $529 high. If there is a downside break below the $500 support, the price could drop toward the $485 support. Any more losses could initiate a larger decline toward the $472 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level. 
Major Support Levels – $520 and $500. 
Major Resistance Levels – $530 and $542.

BNB Price Steadies Above Support: Is a Bullish Comeback on the Horizon?

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