BNB Price Poised for Fresh Increase: Will Momentum Build? - ADVFN

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Binance Coin (Cryptocurrency:BNBUSD) News

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	106,293,822,328	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	26.77	4.13%	674.32	674.23	674.32

High Price	Low Price	Open Price	Prev. Close	52 Week Range
674.57	626.07	647.74	647.55	224.29 - 832.84

Exchange	Last Trade	Size	Trade Price	Currency
BINA	18:48:39	0.350000	674.32	USD

Price x Volume	Volume	Base Symbol	Related Pairs
33,783,144.22	51,871.28	BNB	BNBEUR	BNBGBP	BNBBTC

BNB Price Poised for Fresh Increase: Will Momentum Build?

22/10/2024 6:58am

NEWSBTC

BNB price corrected gains below the $605 level. The price is now holding the key $588 support and might aim for a fresh increase. BNB price started a downside correction from the $612 resistance zone. The price is now trading below $600 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $588 level to start another increase in the near term. BNB Price Could Regain Traction After a decent upward move, BNB price saw a rejection pattern nears the $612 zone. A high was formed at $611 and the price started a downside correction like Ethereum and Bitcoin. There was a move below the $605 and $600 levels. The price even dipped below $592 before the bulls appeared near $590. A low was formed at $591 and the price is now consolidating. It climbed above the $598 level and the 23.6% Fib retracement level of the downward move from the $611 swing high to the $591 low. The price is now trading below $600 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $602 level or the 50% Fib retracement level of the downward move from the $611 swing high to the $591 low. The next resistance sits near the $610 level. A clear move above the $610 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term. More Losses? If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $592 level. The next major support is near the $588 level. The main support sits at $588. If there is a downside break below the $580 support, the price could drop toward the $575 support. Any more losses could initiate a larger decline toward the $565 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $592 and $588. Major Resistance Levels – $605 and $612.

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