BNB Resilience: Holding Firm At $560 Whats Next?
The price of BNB hasnt fallen below its previous low, and its showing some strong signs of heading up. After a spell of moving downward, the Binance Smart Chains native token is aiming for an upward bounce back towards its earlier high.
Technical Indicators Point Toward Sustained Uptrend For BNB
To figure out where the BNB price might be headed next, several indicators can be used to examine the chart:
4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. This can be seen in the above image.
RSI 4-hour Timeframe: The formation of the Relative Strength Index (RSI) in the below image also suggests an upward movement as the RSI signal line is seen trending above the 50% level. This indicates that buyers are still very active in the market therefore overpowering the strength of sellers.
4-hour alligator: A look at the alligator indicator from the 4-hour time frame shows that BNB is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might be starting a new rally.
At the time of writing, the price of BNB was up by 1.35% and was trading around $561 in the last 24 hours. BNB price is showing bullish signs and also forming a base above the $508.1 support level. Also, the price is trading above the bearish trend line and below the 100 Simple Moving Average (SMA) on the 4-hour chart.
Final Thoughts
From the previous downward movement, the price of BNB has managed to create one major resistance level of $635 and one major support level of $508. Currently, BNB is moving toward this resistance level and if it breaks above this level, the price might go even further to create a new high.
On the other hand, if the price fails to break above this major resistance, it will reverse and start a downward movement toward its previous support and if it manages to break below this support level, the price might move further downward thereby starting a new downward trend.
Read more: https://www.newsbtc.com/analysis/bnb/bnb-resilience-holding-firm-at-560-whats-next/
Text source: NewsBTC
