BNB cryptocurrency has begun a fresh upward movement after finding stability at the $550 support level. The price is now challenging resistance barriers while outperforming market competitors.
BNB established a base above $550 before initiating its current recovery. The digital asset successfully breached several resistance levels including $565 and $570. It surpassed the $588 threshold, demonstrating stronger performance than both Ethereum and Bitcoin in recent trading.
The upward trajectory pushed BNB beyond the 50% Fibonacci retracement level of its previous downward movement from $637 to $548. Technical analysis reveals a bullish trend line forming on the hourly chart with support positioned at $600.
Selling pressure remains evident near the $605-$606 range. BNB currently trades above both $600 and the 100-hourly simple moving average. Any continued upward movement will likely face immediate resistance at $606.
Additional resistance awaits at $616, coinciding with the 76.4% Fibonacci retracement level of the previous decline. A decisive move above this zone could propel the price higher toward the $635 mark. Breaking the $634 resistance might establish conditions for extending gains to $650. Further momentum could potentially test the $665 level.
The bullish scenario depends entirely on maintaining current support levels. If BNB fails to overcome the $606 resistance, another decline may materialize. Initial support exists near $600, with a more significant support level at $595.
The critical support threshold stands at $588. A breakdown below this level could trigger a drop toward $570. Continued selling might push the price to $565 or potentially initiate a more substantial decline.
Technical indicators currently favor the bulls. The MACD for BNB/USD shows increasing momentum in the bullish zone, while the Relative Strength Index remains above the 50 level, suggesting moderate buying pressure.
Key support levels to monitor include $600 and $595, while major resistance levels are positioned at $606 and $616.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.