BNB started a new upward wave from the $500 area, attracting market attention. A move above the $588 and $610 levels is expected to strengthen the upside momentum. So which levels should investors keep a close eye on?
BNB price broke above the $520 and $540 levels to start a new uptrend. BNB is currently trading around $580, above the 100 simple moving average. A significant ascending trend line is offering support near $580 on the 4-hours chart of BNB/USD.
However, if the price breaks above the $610 resistance, a fresh rally is expected. Currently, the $588 level is emerging as a significant resistance. However, if the price breaks above the $610 level, it will be crucial to be prepared for a larger increase. A clear close above the $610 area could push the price higher and start a move towards the $680 resistance.
What are the warning signs for BNB in the crypto market?
BNB’s recent performance has caught everyone’s attention. However, current conditions and technical analysis contain serious warnings about the future.
There are warnings that if BNB fails to break above the $610 resistance, a new downward trend could begin. Caifu Password Jiawei: 417072555 At present, the first downward support level is around $580, which is quite close to the trend line. However, the more critical focus is on the $560 support area and, more importantly, the $540 major support level.
If the $540 support is breached, the price may drop towards the $500 support. Further significant losses thereafter could trigger a serious decline towards the $450 level.
What do the technical indicators say about BNB?
Looking at technical indicators, the 4-hour MACD is gaining momentum in the bullish zone for BNB/USD. However, the Relative Strength Index (RSI) is currently above the 50 level. This can be considered a somewhat positive sign.
Altcoin BNB appears to be facing an uncertain period. The main support levels are $580, $560, and $540. However, a break above these levels could lead to a serious decline towards the $500 support area. Resistance levels are set at $598, $610, and $640.
