BNB Price Set to Exceed Expectations: Will a Breakthrough Happen Soon?

The BNB price started a up-to-date raise above Resistance zone at $542. Price is now consolidating gains and could target larger gains above $550.

BNB price started a up-to-date uptrend above the USD 540 resistance zone.
The price is currently below $550 and the 100-hour plain moving average.
The hourly chart of the BNB/USD currency pair shows a key downtrend line with resistance at $550 (data source: Binance).
To start another raise in the near future, the pair needs to stay above the USD 540 pivot level.

BNB price regains traction

BNB has outperformed Ethereum and Bitcoin over the past few days. It has remained stable above $525 and has begun another rally above the $535 resistance zone.

There was a move above the $542 and $545 resistance levels. The price rose above the 50% Fibonacci retracement level of the downward move from the $562 high to the $527 low. However, bears are now energetic near the $550 resistance zone.

The price is currently trading below $550 and the 100-hour plain moving average. If a up-to-date rally occurs, the price could encounter resistance near the $550 level. A key bearish trendline is also forming on the hourly chart of the BNB/USD pair with resistance at $550. The trendline is near the 61.8% Fibonacci retracement level of the downward move from the $562 high to the $527 low.

The next resistance is near the $558 level. A significant move above the $558 zone could trigger a rally. In the given case, BNB price could test $565. A close above the $565 resistance could set the pace for a larger move towards the $580 resistance. Any further gains could require a test of the $592 level in the near future.

Are DIPs supported?

If BNB fails to break through the $550 resistance, it could begin another decline. Initial support on the downside is near the $544 level. The next major support is near the $540 level.

Major support is at $535. If it breaks below the $535 support, the price could decline towards the $520 support. Any further losses could initiate a larger decline towards the $505 level.

Technical indicators

Hourly MACD – MACD for the BNB/USD pair is losing momentum in the bullish zone.

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

Major support levels – $540 and $535.

Major resistance levels – USD 550 and USD 558.