BNB price stabilizes above support: is there a bullish trend on the horizon?

BNB price has started a rebound above the $500 resistance. The price is currently consolidating and could target more gains above $530.

BNB price started a solid upward movement from the support zone at USD 472.
The price is currently holding above $500 and the 100-hour straightforward moving average.
A key uptrend channel is forming on the hourly chart of the BNB/USD currency pair with support at $518 (data source: Binance).
If the pair breaks through the resistance level of $530 in the near future, it may extend the rebound wave.

BNB price is starting to recover

Over the past few days, BNB price has seen a decent bounce from the $472 support zone, similar to Ethereum and Bitcoin. The price was able to rise above the $495 and $500 resistance levels.

It even broke above the $520 resistance, but bears were lively near the $530 zone. A high formed at $529.20, and the price is currently consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upside move from the $471 swing low to the $529 high.

The price is now trading above $520 and the 100-hour straightforward moving average. A key uptrend channel is also forming on the hourly chart of the BNB/USD pair with support at $518.

If another rebound occurs, the price may encounter resistance near the $530 level. The next resistance is near the $542 level. A clear move above the $542 zone may trigger a price rally. In the given case, the BNB price may test $550.

A close above $550 resistance could set the pace for a larger rally toward $565 resistance. Any further gains could require a test of $580 in the coming days.

Another decline?

If BNB fails to break through the $530 resistance, it could start a up-to-date decline. Initial support on the downside is near the $520 level or the channel trendline.

The next major support is near the $508 level. Major support is at the $500 level and the 50% Fibonacci retracement level of the upside move from the $471 swing low to the $529 high. A break below the $500 support could see the price decline towards the $485 support. Any further losses could initiate a larger decline towards the $472 level.

Technical indicators

Hourly MACD – MACD for the BNB/USD pair is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BNB/USD pair is currently near the 50 level.

Major support levels – $520 and $500.

Major resistance levels – $530 and $542.