Market

After a 4% gain, will BNB retest $520 on the day?

BNB is fast approaching a key resistance level and a break or rejection will likely determine where it goes next.

Key support level: $417
Key Resistance: $520, $692 (ATH)

BNB has bounced off the support line of an ascending triangle (in blue) forming since March 2021 and is currently in the process of approaching the critical resistance at $520. As a key resistance, the price can rally to the current all-time high of $692.

Weekly BNB/USDT Chart | Source: TradingView

Technical indicators

Volume: Strong volume at the key support area has quickly propelled BNB towards its current resistance. This shows that demand for BNB remains high and if the momentum holds, it will soon test the $520 resistance.

RSI: The daily RSI has made a higher high and is approaching the 50 line. A break above this line will amplify the uptrend.

MACD: The daily MACD has formed a bullish cross and is sloping up. For BNB retesting the $520 resistance.

Daily BNB/USDT Chart | Source: TradingView

Perspectives

The current trend is up. However, the critical resistance at $520 could land the bulls in trouble if the price is rejected there.

Short term prediction

BNB has shown strength during the recent correction and managed to hold above key support. Moreover, the price is now erasing most of the losses. The first major challenge for BNB is to break above $520.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.