BNB Price failed to surpass $497 on Friday and had to back down. It had little fluctuations yesterday and settled around $495. However, by hitting the downward trendline BNB price once again turned downward, reaching $80 today. At that point however, BNB found support and is currently around $485.
BNB Price Action Analysis
Taking a look at the 1-hour chart, we see BNB price in a triangle, ranging between the top and bottom part. Today, by hitting the top part at $495, it dipped down to $480 at the bottom. And predictably, found support at the bottom and pivoted upward.
For this current bullish run, BNB price has to face the 50% Fibonacci retracement level and the SMA100. Surpassing these level means the $490 and $493 are the next resistance levels for BNB. In case BNB price successfully breaks through the top and manages to stabilize there, there will be a strong bull run.
For the bullish scenario, the $495 and then $500 will be important resistance levels. Following them, we could expect the $510 to $515 zone to be next.
On the other hand, if BNB price fails to surpass the $487 and then $492, and lose the bottom support, further decline will follow.
For the bearish scenario, the very first support level is at $480. After that, the $475 to $470 and then the $460 and finally $450 will support the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB is regaining and upward movement.
RSI: the relative strength index is approximately 52.
Resistance levels: BNB`s first resistance level is at $487. Following that, the next ones will be at $490 to $493 zone and then $495 and $510 to $515 will follow.
Support levels: the first support level is at $480. Then the $475 to $470 zone and following that the $460 to $450 will follow.
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