BNB just started to rise again, moving above the $550 resistance level. It is currently stabilizing near $600 and everyone wants answer, will it print more gains?
BNB’s price performance, are we happy?
A TradingView analyst, named Aayushjindal, shared the analysis of BNB, as it shows strong performance in the days, surpassing both Ethereum and Bitcoin.
The coin has remained steady above $535 and has now increased past the $542 resistance zone.
It moved above both the $550 and $565 levels, even reaching as high as $599 before testing the $600 resistance area.
And this is a quite important level to conquer. Right now BNB is consolidating above the 23.6% Fibonacci retracement level from its high of $600 down to around $590 in the time of writing.
Trendlines to break
At this price, BNB is trading below the 100-hour simple moving average. A key bullish trend line is forming with support at around $585 on the hourly chart for the BNB/USD pair, which is close to the 61.8% Fibonacci retracement level of the upward move from $576 to $600.
If BNB manages to push through the $600 resistance, it could face more resistance around the $608 level.
A clear breakout above this zone might lead the price higher, potentially testing $620 next.
If it closes above $620, it could set up for a larger move toward the $635 mark. If gains continue, and many traders hope they will, there might be a chance to test the $650 level in the near future.
The pessimist scenario
On the other hand, if BNB can’t break through the $600 resistance, it may begin to correct downward.
Initial support is found near the $588 level, with stronger support at around $585 and along the trend line.
The main support level is at $575, and if it drops below this point, analysts think BNB could fall toward the $560 support level.
Any further declines could lead to a larger drop to the $550 mark.
