BNB price has initiated a fresh surge, successfully clearing the pivotal $500 mark. Currently, the value is consolidating its gains and seems poised for further ascension beyond the $525 threshold.
Following the establishment of a solid base above the $470 level, BNB price embarked on an upward trajectory akin to Ethereum and Bitcoin. The bullish momentum enabled it to surpass resistance levels at $488 and $500, reaching as high as $526 before entering a correction phase. This pullback saw the price slip below $520, touching just under the 23.6% Fibonacci retracement level drawn from the $471 low to the $526 peak.
Additionally, the price broke beneath a significant bullish trend line that had offered support at $517 on the hourly BNB/USD chart. Despite this, the pair remains above the $510 mark and the 100-hourly simple moving average.
As the market prepares for another potential rise, resistance is expected around the $518 level, with further significant resistance at $525. A decisive move above $525 could propel the price higher, potentially testing the $535 level. Should the BNB price close above $535, it might pave the way for a broader charge towards the $550 barrier, with even more substantial gains potentially pushing it to $562.
However, if BNB struggles to break through $525, a downward trend could ensue. Initial support is observed near $510, followed by a crucial support zone around $500. The primary support rests at $492, and a breach below this could see the price tumbling towards $470. Continued losses may drive the price further down to the $450 level.
Technical analysis indicates that the hourly MACD for BNB/USD is losing momentum in the bullish zone, while the hourly RSI hovers above the 50 level, signaling continued strength. Key support levels are identified at $510 and $500, with major resistance anticipated at $518 and $525.
