Key Takeaways:
BNB price is gaining pace above the $565 resistance zone.
A major contracting triangle is forming with support at $555 on the daily chart.
The price seems to be aiming for an upside break above the $600 resistance zone.
BNB price prediction
BNB is holding gains above the $550 level. There is a bullish pattern forming which could trigger a steady move toward the $620 and $640 levels.
BNB Price Aims Higher
After facing rejection near the $620 zone, BNB saw a downside correction like Bitcoin and Ethereum. There was a move below the $600 and $565 support levels. The bears even pushed the price below $550 before the bulls appeared.
A low was formed near $535 and the price is now attempting a fresh increase. There was a decent upward movement above the $550 and $555 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $618 swing high to the $535 low.
BNB/USD daily chart | Source: TradingView.com
BNB is now showing positive signs above the $565 level and the 50-day simple moving average (blue). There is also a major contracting triangle forming with support at $555 on the daily chart.
It is now attempting an upside break above the $585 resistance level. A clear move and close above the $585 resistance could open the doors for a move toward the $600 handle. It is close to the 76.4% Fib retracement level of the downward move from the $618 swing high to the $535 low.
The next major resistance could be near the $620 level. A clear move above the $620 resistance might pump the price higher further. In the stated case, the price might test $670 and the 1.618 Fib extension level of the downward move from the $618 swing high to the $535 low. Any more gains might send the price toward the $720 resistance level.
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Another Decline?
If BNB price fails to clear the $585 resistance, it might dip again. Immediate support is near the $565 level. The first major support is now forming near the $550 level and the 50-day simple moving average (blue) or the triangle’s lower trend line.
The main support is $535. A daily close below $535 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $500 support region. If the bulls fail to protect $500, the bears could even aim for a test of $470.
Overall, BNB price is gaining bullish momentum above the $555 and $565 levels. A close above the $585 resistance could send the price toward $620 or even $640.
The post BNB Price Targets Gains Above $600: Is a Rally in Sight? appeared first on CoinChapter.
