BNB Eyes $1,000 Breakout: Can the Binance Titan Reignite the Bull Run?
BNB is consolidating above $605 support. The price is showing indications of improvement and may rise further.
BNB price is trying to rebound from $600.
The price is above $612 and the 100-hourly SMA.
On the hourly BNB/USD chart, a positive trend line with support at $622 is formed.
To rise soon, the pair needs remain above $612.
BNB Price Wants More Gains
BNB price rose after building a base over $600. Ethereum and Bitcoin moved over $605 and $612 barrier levels.
Bulls even broke $625. After hitting $629, the price is consolidating gains above the 23.6% Fib retracement line of the last wave from the $597 swing low to the $629 high.
The price is above $622 and the 100-hourly SMA. On the hourly BNB/USD chart, a positive trend line with support at $622 is formed.
Price may find resistance at $628 on the upside. Near $630 is the next resistance. A decisive break over $630 might boost prices. In this instance, BNB may reach $642. A closing above $642 resistance might lead to a surge above $650. More gains may challenge $655 soon.
Another Fall?
BNB may fall again if it fails to break $630. Initial downside support is $622. Near $620 is the next important support.
Main support is $612, the 50% Fib retracement level of the current wave from $597 swing low to $629 high. If the price breaks $612, it might fall below $605. More losses might cause a drop to $600.
Tech Indicators
Hourly MACD - BNB/USD MACD is rising in the positive zone.
Hourly RSI (Relative Strength Index): BNB/USD is over 50.
Major Support Levels: $622, $612.
Major resistance levels: $630, $642.
