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BNB value is gaining bullish momentum above the $550 resistance. The worth is displaying constructive indicators and may lengthen its rally above $650.
BNB value is up over 15% and it broke the $600 resistance zone.
The worth is now buying and selling above $580 and the 100 easy shifting common (4 hours).
There’s a key bullish development line forming with help at $598 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
The pair might proceed to rise towards the $650 resistance zone and even $700.
BNB Value Extends Rally
Within the final BNB value prediction, we mentioned the possibilities of extra features above the $500 resistance zone. The worth continued to rise and broke many hurdles close to the $550 stage.
BNB is now outperforming Bitcoin and Ethereum with a transfer above the $580 resistance. It’s up over 10% right this moment and buying and selling above $600. A excessive was shaped close to $633 and the worth is now consolidating features. It’s buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive.
The worth is now buying and selling above $600 and the 100 easy shifting common (4 hours). Rapid resistance is close to the $625 stage. The following resistance sits close to the $635 stage. A transparent transfer above the $635 zone might ship the worth additional increased.
Supply: BNBUSD on TradingView.com
Within the said case, BNB value might take a look at $650. An in depth above the $650 resistance may set the tempo for a bigger enhance towards the $700 resistance. Any extra features may name for a take a look at of the $780 stage within the coming days.
Dips Restricted?
If BNB fails to clear the $635 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $600 stage and the development line.
The following main help is close to the $570 stage. The primary help sits at $500 or the 50% Fib retracement stage of the upward transfer from the $364 swing low to the $633 excessive. If there’s a draw back break beneath the $500 help, the worth might drop towards the $450 help. Any extra losses might provoke a bigger decline towards the $420 stage.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Energy Index) – The RSI for BNB/USD is at present above the 50 stage.
Main Assist Ranges – $600, $570, and $500.
Main Resistance Ranges – $635, $650, and $700.
Disclaimer: The article is offered for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding choices. Use data offered on this web site fully at your individual danger.
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