BNB has initiated an upward trend, successfully breaking through the $550 resistance level and is now consolidating close to the $600 level. This recent rally sets the stage for potential further gains in the upcoming trading sessions.
Recently, BNB has demonstrated stronger performance compared to both Ethereum and Bitcoin , with sustained values above $535 and a notable rise past the $542 resistance. The price rallied above $550 and $565, eventually exceeding the $580 level to challenge the $600 resistance zone. It peaked at approximately $599.7 and has begun to consolidate, currently resting above the 23.6% Fibonacci retracement level derived from the last swing high of $576 to the near $600 high.
At present, BNB is trading below $585 alongside the 100-hourly simple moving average. There is a crucial bullish trend line that offers support around the $585 level. This level is also close to the 61.8% Fibonacci retracement from the recent price movements. For the uptrend to continue, it is essential for BNB to maintain levels above $575.
Should more upward momentum develop, BNB could encounter resistance near the $600 region, with the next significant hurdle appearing close to $608. A decisive breakthrough past the $608 level may pave the way for a rise toward $620, and if it closes above $620, the price could aim for $635. Further advancements could even extend towards the $650 level.
Conversely, if BNB struggles to surpass $600, a price correction may occur. Initial support is expected around $588, followed by more significant support levels at $585 and $575. Should the price dip below $575, further declines toward the $560 support could be anticipated, potentially leading to a significant downturn toward the $550 level.
