BNB Price Targets $600: Can Bulls Break Through?

BNB Price Eyes Fresh Increase Above $550 Resistance

BNB price started a steady increase above the $550 resistance and is now consolidating, potentially aiming for more gains above $585.

BNB Price Movement

BNB price began a decent upward move from the $500 support zone. It is now trading above $550 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $572 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could extend its increase if it clears the $588 resistance in the near term.

Recent BNB Price Increase

In the past few days, BNB price saw a significant upward move from the $500 support zone, similar to Ethereum and Bitcoin. The price climbed above the $535 and $550 resistance levels and even cleared the $570 resistance. The current wave surpassed the 61.8% Fib retracement level of the downside correction from the $587 swing high to the $555 low. The price is now trading above $550 and the 100-hourly simple moving average, consolidating above the 76.4% Fib retracement level of the downside correction from the $587 swing high to the $555 low.

There is also a connecting bullish trend line forming with support at $572 on the hourly chart of the BNB/USD pair. On the upside, the price could face resistance near the $585 level, with the next resistance sitting near the $588 level. A clear move above the $588 zone could send the price higher. In this case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $625 resistance. Any more gains might call for a test of the $640 level in the coming days.

Are Dips Supported?

If BNB fails to clear the $588 resistance, it could start a downside correction. Initial support on the downside is near the $572 level or the trend line. The next major support is near the $564 level, with the main support sitting at $550. If there is a downside break below the $550 support, the price could drop toward the $535 support. Any more losses could initiate a larger decline toward the $520 level.

Technical Indicators

• Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
• Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
• Major Support Levels – $572 and $564.
• Major Resistance Levels – $588 and $600.