BNB price bounces up from Support zone $500. The price is now showing positive signals and may seek further growth above $535.
- BNB price started a rebound from the USD 500 support zone.
- The price is currently holding above $515 and the 100-hour uncomplicated moving average.
- A key uptrend channel is forming on the hourly chart of the BNB/USD currency pair with resistance at $528 (data source: Binance).
- The pair may gain upward momentum if it breaks through the resistance zone of USD 535-538.
BNB price is looking towards further growth
After forming a base above the $500 level, BNB price started a decent uptrend, similar to Ethereum and Bitcoin. The price broke through the $510 and $515 resistance levels to move into the short-term bullish zone.
Price has broken above the 50% Fibonacci retracement level of the downward move from the 5376 high to the 499 low. It even broke above the 520 resistance. Price is now trading above 515 and the 100-hour uncomplicated moving average.
It is currently consolidating near the 61% Fibonacci retracement level of the downward move from the 5376 high to the 499 low. On the other hand, the price could face resistance near the 528 level. A key ascending channel is also forming on the hourly chart of the BNB/USD pair with resistance at 528.
The next resistance is near the $535 level. A significant move above the $535 zone could trigger a rally. In this case, BNB price could test $550. A close above the $550 resistance could set the pace for a larger rally towards the $565 resistance. Any further gains could require a test of the $580 level in the near future.
Another decline?
If BNB fails to break through the $535 resistance, it could begin another decline. Initial support on the downside is near the $520 level. The next major support is near the $518 level.
Major support is at $508. If it breaks below the $508 support, the price could fall towards the $500 support. Any further losses could initiate a larger decline towards the $480 level.
Technical indicators
Hourly MACD – MACD for the BNB/USD pair is gaining momentum in the growth zone.
Hourly RSI (Relative Strength Index) – The RSI for the BNB/USD pair is currently above the 50 level.
Major support levels – 518 and 508 USD.
Major resistance levels – $528 and $535.
