BNB price has shown signs of a bullish comeback as it started a recovery wave above the $500 resistance level. The price is currently consolidating and may target further gains above $530. This upward movement began from the $472 support zone and has brought the price above the key $500 mark and the 100-hourly simple moving average.
On the hourly chart of the BNB/USD pair, a rising channel has formed with support at $518. If the price manages to clear the $530 resistance level, it could extend its recovery wave. The next resistance levels to watch are $542 and $550. A breakthrough above $550 could lead to a larger increase towards $565, with the possibility of testing $580 in the near future.
However, if BNB fails to surpass the $530 resistance, it might initiate a fresh decline. Initial support is seen near $520, followed by $508 and the crucial $500 level. A downside break below $500 could result in a drop towards $485 and potentially the $472 level.
Technical indicators like the MACD and RSI suggest a mixed outlook for BNB/USD, with the RSI hovering near the 50 level. Major support levels include $520 and $500, while major resistance levels are at $530 and $542.
In conclusion, the BNB price is showing promising signs of a bullish comeback, but it is essential to monitor key resistance and support levels for further price movement. Traders are advised to conduct their own research and exercise caution while making investment decisions in the volatile cryptocurrency market.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial advice. Readers are encouraged to do their own research and consult with a financial advisor before making any investment decisions. Investing in cryptocurrencies involves risk, and individuals should proceed with caution.
