BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

7:24 am
April 23, 2024

BNB worth is trying a recent building up from the $550 zone. The worth cleared the $600 resistance and would possibly lengthen its building up above $630.

  • BNB worth began a recent building up after it cleared the $550 resistance zone.
  • The worth is now buying and selling above $580 and the 100 easy shifting moderate (4 hours).
  • There is a key bullish development line forming with give a boost to at $592 at the 4-hour chart of the BNB/USD pair (information supply from Binance).
  • The pair may acquire bullish momentum if it clears the $608-$610 resistance zone.

BNB Price Gains Strength

After forming a base above the $520 stage, BNB worth began a recent building up. There was once a gradual building up above the $550 and $565 resistance ranges, like Ethereum and Bitcoin.

The bulls driven the worth above the $580 pivot stage and the 61.8% Fib retracement stage of the downward wave from the $630 swing prime to the $512 low. More importantly, the worth is now buying and selling above $580 and the 100 easy shifting moderate (4 hours).

It is consolidating simply above the 76.4% Fib retracement stage of the downward wave from the $630 swing prime to the $512 low. There may be a key bullish development line forming with give a boost to at $592 at the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

Immediate resistance is close to the $608 stage. The subsequent resistance sits close to the $630 stage. A transparent transfer above the $630 zone may ship the worth additional upper. In the said case, BNB worth may check $650. A detailed above the $650 resistance would possibly set the tempo for a bigger building up towards the $680 resistance. Any extra positive factors would possibly name for a check of the $720 stage within the coming days.

Are Dips Supported?

If BNB fails to transparent the $608 resistance, it might get started a drawback correction. Initial give a boost to at the drawback is close to the $592 stage and the rage line.

The subsequent main give a boost to is close to the $585 stage. The primary give a boost to sits at $570. If there’s a drawback destroy underneath the $570 give a boost to, the worth may drop towards the $550 give a boost to. Any extra losses may start up a bigger decline towards the $532 stage.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is recently above the 50 stage.

Major Support Levels – $592, $585, and $570.

Major Resistance Levels – $608, $630, and $650.

Disclaimer: The article is supplied for academic functions simplest. It does now not constitute the reviews of NewsBTC on whether or not to shop for, promote or cling any investments and of course making an investment carries dangers. You are recommended to habits your individual analysis earlier than making any funding selections. Use knowledge supplied in this website online completely at your individual chance.


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