BNB Price Recovers $500: Will Bulls Be Able to Maintain Pressure?

The price of BNB started a recent boost and exceeded Pivot zone $500. Price is now consolidating gains and could target larger gains above $525.

BNB price started a recent uptrend above the USD 500 resistance zone.
The price is currently below $510 and the 100-hour elementary moving average.
On the hourly chart of the BNB/USD currency pair, there was a breakout of a key uptrend line with support at $517 (data source: Binance).
To start another boost in the near future, the pair needs to stay above the USD 500 pivot level.

BNB price stabilized above $500

After forming a base above the $470 level, BNB price started a recent uptrend, similar to Ethereum and Bitcoin. The price was able to rise above the $488 and $500 resistance levels.

It even broke above $515 and tested $525. A high was formed at $526 and the price started a downward correction. A move below $520 occurred. The price fell just below the Fibonacci retracement level of the 23.6% up move from the swing low of $471 to the high of $526.

Apart from that, there was a break of a key bullish trendline with support at $517 on the hourly chart of the BNB/USD pair. The pair is now trading above $510 and the 100-hour elementary moving average.

If a recent uptrend occurs, the price may encounter resistance near the $518 level. The next resistance is near the $525 level. A clear move above the $525 zone may trigger a price rally. In the given case, the BNB price may test $535.

A close above $535 resistance could set the pace for a larger move toward $550 resistance. Any further gains could require a test of $562 in the near future.

Another decline?

If BNB fails to break through the $525 resistance, it could begin another decline. Initial support on the downside is near the $510 level. The next major support is near the $500 level.

Major support is at $492. If it breaks below the $492 support, the price could decline towards the $470 support. Any further losses could initiate a larger decline towards the $450 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 above the 50 level.

Major support levels – 510 and 500 USD.

Major resistance levels – $518 and $525.