BNB Price Heads to $600: Can This Milestone Be Reclaimed?

The price of BNB is holding $565 Support Zone. Price is currently consolidating and could target more gains above $590 in the near future.

BNB price started a solid upward movement from the support zone at USD 565.
The price is currently holding above $580 and the 100-hour straightforward moving average.
On the hourly chart of the BNB/USD currency pair, there was a breakout of a key downtrend line with resistance at $582 (data source: Binance).
If the resistance at USD 590 is broken in the near future, the pair may continue to rise.

BNB price is looking towards further growth

Over the past few days, BNB price has seen a decent upward movement from the $565 support zone, similar to Ethereum and Bitcoin. The price was able to rise above the $572 and $580 resistance levels.

It even broke above the resistance at $582. The current wave has broken above the 50% Fibonacci retracement level of the downward movement from the $597 high to the $568 low. In addition, there was a breakout of the key bearish trendline with resistance at $582 on the hourly chart of the BNB/USD pair.

Price is now trading above $582 and the 100-hour straightforward moving average. It is now consolidating near the 61.8% Fibonacci retracement level of the downward move from the $597 high to the $568 low.

On the other hand, the price could face resistance near the $588 level. The next resistance is near the $590 level. A clear move above the $590 zone could trigger a rally in the price. In the given case, the BNB price could test the $600 level. A close above the $600 resistance could set the pace for a bigger rally towards the $620 resistance. Any further gains could require a test of the $632 level in the near future.

Are dips confined?

If BNB fails to break through the $590 resistance, it could begin a downside correction. Initial support on the downside is near the $582 level or the 100-hour straightforward moving average.

The next major support is near the $575 level. The major support is at the $565 level. If it breaks below the $565 support, the price could fall towards the $550 support. Any further losses could initiate a bigger decline towards the $532 level.

Technical indicators

Hourly MACD – MACD for the BNB/USD pair is gaining momentum in the growth zone.

Hourly RSI (Relative Strength Index) – The RSI for the BNB/USD pair is currently above the 50 level.

Major support levels – 582 and 575 USD.

Major resistance levels – $590 and $600.