BNB is among today’s market leaders after seeing a 5% surge in the past 24 hours. Amid its recent performance, the token is retesting key levels, leading some market watchers to forecast new highs could be around the corner. Related Reading: 130,000 Ethereum Moved Off Exchanges – Bullish Signal? BNB Retest Key Resistance Levels On Monday, BNB crowned itself as one of the best-performing tokens among the top 100 cryptocurrencies after climbing back to a key level, attempting to break from its downtrend. The token has retraced around 20% since hitting its all-time high (ATH) of $793 on December 5, 2024, losing the $700 support zone amid the Q1 market retraces. Since February, its price has hovered between the $500-$700 range, hitting a 6-month low in February. During last Monday’s correction, the cryptocurrency retested the range lows again, briefly touching $510 before bouncing. Nonetheless, the token has recovered 18% from last week’s bottom, hitting a monthly high. Notably, BNB attempted to reclaim the $600 level over the weekend, failing to hold it until Sunday night. The cryptocurrency surged 7.7% in the following hours, hitting $643 on Monday morning before retracing. Crypto analyst Carl Runefelt pointed out that after reclaiming the $600-$620 horizontal level, the token targets its three-month descending resistance line at around $650. According to Runefelt, the token has “all the chances” to break this downtrend line once it “gains some foothold” above the recently reclaimed horizontal levels Meanwhile, AMCryptoAlex highlighted that BNB broke out of an inverse Head and Shoulders pattern following its performance. Alex also noted that the token surged above the $620 barrier, printing “consistent green candles above the crucial resistance level,” which suggests that it is “primed for more upside.” BNB Chain Surpasses Solana’s DEX Volume Ted Pillows also affirmed that BNB’s chart looks promising, with a “double-bottom pattern along with fundamentals getting better.” The analyst highlighted that the BNB Chain has surpassed Solana’s decentralized exchange (DEX) volume in the past 24 hours, which could fuel the token’s rally to reclaim the $640 level. To him, “Once that happens, BNB will hit a new ATH in no time.” Related Reading: Solana Holds Bullish Pattern – Expert Sets $140 Target According to DeFiLlama data, BNB Chain’s trading volume surged to $1.64 billion on Sunday, surpassing Solana’s $1.07 billion registered on March 16. The network’s DEX trading volume has also increased by 13.27% over the past week, ranking third during this timeframe. The surge seems to be fueled by its recent memecoin frenzy, which has been driven by tokens like Mubarak (MUBARAK). The token has seen a trading volume of around $300 million in the past 24 hours, with its price surging 99% in the past day. Meanwhile, Solana’s network has been experiencing bearish sentiment from crypto investors following the performance of TRUMP and MELANIA, the memecoins of the US President and First Lady, and the crash of the Argentina-backed LIBRA token. At the time of writing, BNB trades at $627, a 4.18% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
BNB is making a strong comeback as bullish momentum picks up following a recent dip, sparking renewed optimism among traders. After facing significant selling pressure, the price found solid support at the $500 mark, allowing buyers to step in and drive a sharp rebound. This renewed strength suggests that BNB could be gearing up for a larger recovery, with key resistance levels now coming into play. Market sentiment appears to be shifting in favor of the bulls, but challenges remain. The price must overcome crucial resistance zones to confirm a sustained uptrend, while technical indicators will play a key role in determining whether this recovery has enough strength to continue. BNB Strong Rebound: What’s Driving The Recovery? BNB has staged a strong comeback following its recent dip. The price rebound comes as buyers step in at the $500 critical support level, preventing further downside and fueling a fresh upward move. This shift suggests growing confidence among investors, with increased accumulation at lower levels helping to stabilize the price. Related Reading: BNB Price Shows Strength—Is a Comeback in Play? A notable rise of over 34% in trading volume further reinforces the recovery, potentially driving additional upside. Additionally, improving sentiment across the broader crypto market has contributed to BNB’s momentum, providing a more favorable environment for price appreciation. Presently, the RSI indicator is gradually approaching the 50% threshold, hinting at a possible shift in momentum. A successful move above this level could bolster buying pressure, reinforcing the ongoing recovery. However, if the RSI struggles to break past 50%, it may suggest that bullish momentum remains weak, leaving room for potential price fluctuations Despite the recovery, key resistance levels still stand in the way of a sustained uptrend. Bulls must maintain momentum and push the price above these hurdles to confirm continued strength. If the rally stalls near the resistance, consolidation or another pullback could follow, making it crucial to watch. Key Resistance Levels That Could Challenge The Bulls While BNB pushes higher, key resistance levels continue to hinder its upward trend. The first major hurdle is at $605, a level where selling pressure previously emerged, leading to a price rejection. A break above this zone could open the door for further gains. Related Reading: BNB Price Poised for Gains: Bulls Push for New Highs Beyond this, the next resistance to watch is $680, a historically significant level that may determine whether BNB extends its recovery or faces renewed bearish pressure. If bulls can gather enough momentum to clear these barriers, it would strengthen the case for a continued rally. However, a rejection at resistance might indicate that buyers are losing steam, potentially leading to another retracement toward lower support zones. Featured image from Medium, chart from Tradingview.com
BNB price is recovering from the $550 support zone. The price is rising and might aim for a fresh move toward the $635 resistance. BNB price is moving higher above the $585 resistance zone. The price is now trading below $595 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $600 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 Eyes Fresh Surge After forming a base above the $550 level, BNB price started a fresh increase. There was a move above the $565 and $570 resistance levels. It even recovered above the $588 level, beating Ethereum and Bitcoin. There was a decent move above the 50% Fib retracement level of the downward move from the $637 swing high to the $548 low. There is also a connecting bullish trend line forming with support at $600 on the hourly chart of the BNB/USD pair. However, the bears seem to be active near the $605 and $606 levels. The price is now trading above $600 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $606 level. The next resistance sits near the $616 level or the 76.4% Fib retracement level of the downward move from the $637 swing high to the $548 low. A clear move above the $616 zone could send the price higher. In the stated case, BNB price could test $635. A close above the $634 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term. Another Decline? If BNB fails to clear the $606 resistance, it could start another decline. Initial support on the downside is near the $600 level. The next major support is near the $595 level. The main support sits at $588. If there is a downside break below the $588 support, the price could drop toward the $570 support. Any more losses could initiate a larger decline toward the $565 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $600 and $595. Major Resistance Levels – $606 and $616.
BNB price is recovering from the $595 support zone. The price is rising and might aim for a fresh move toward the $632 resistance. BNB price is moving higher above the $610 resistance zone. The price is now trading below $630 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $618 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $595 level to start another increase in the near term. BNB Price Eyes Fresh Upside Break After forming a base above the $590 level, BNB price started a fresh increase. There was a move above the $600 and $610 resistance levels. It even recovered above the $612 level, beating Ethereum and Bitcoin. There was a decent move above the 50% Fib retracement level of the downward move from the $632 swing high to the $5995 low. However, the bears seem to be active near the $615 and $618 levels. There is also a connecting bearish trend line forming with resistance at $618 on the hourly chart of the BNB/USD pair. The price is now trading below $620 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $618 level. The next resistance sits near the $622 level or the 76.4% Fib retracement level of the downward move from the $632 swing high to the $5995 low. A clear move above the $622 zone could send the price higher. In the stated case, BNB price could test $632. A close above the $632 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term. Another Decline? If BNB fails to clear the $622 resistance, it could start another decline. Initial support on the downside is near the $602 level. The next major support is near the $600 level. The main support sits at $595. If there is a downside break below the $595 support, the price could drop toward the $588 support. Any more losses could initiate a larger decline toward the $565 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $600 and $595. Major Resistance Levels – $622 and $632.
According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of
BNB price is recovering from the $630 support zone. The price is rising and might aim for a fresh move toward the $680 resistance. BNB price is moving higher above the $650 resistance zone. The price is now trading below $660 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $655 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $650 level to start another increase in the near term. BNB Price Eyes Fresh Upside After forming a base above the $630 level, BNB price started a fresh increase. There was a move above the $635 and $640 resistance levels. It even recovered above the $650 level, beating Ethereum and Bitcoin. There was a decent move above the 50% Fib retracement level of the downward move from the $682 swing high to the $630 low. However, the bears seem to be active near the $655 and $660 levels. There is also a connecting bearish trend line forming with resistance at $655 on the hourly chart of the BNB/USD pair. The price is now trading below $660 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $655 level. The next resistance sits near the $660 level or the 61.8% Fib retracement level of the downward move from the $682 swing high to the $630 low at $662. A clear move above the $662 zone could send the price higher. In the stated case, BNB price could test $680. A close above the $680 resistance might set the pace for a larger move toward the $700 resistance. Any more gains might call for a test of the $720 level in the near term. Another Decline? If BNB fails to clear the $662 resistance, it could start another decline. Initial support on the downside is near the $650 level. The next major support is near the $642 level. The main support sits at $630. If there is a downside break below the $630 support, the price could drop toward the $612 support. Any more losses could initiate a larger decline toward the $600 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $650 and $642. Major Resistance Levels – $655 and $662.
BNB price is gaining pace from the $600 support zone. The price is rising and might aim for a fresh move toward the $750 resistance. BNB price is moving higher above the $650 resistance zone. The price is now trading above $665 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $660 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $650 level to start another increase in the near term. BNB Price Eyes Fresh Rally After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $620 and $650 resistance levels. It even rallied above the $700 level, beating Ethereum and Bitcoin. The price traded as high as $732 and recently saw a downside correction. There was a move below the $700 support level. The price dipped below the 23.6% Fib retracement level of the upward move from the $596 swing low to the $732 high. The price is now trading above $650 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $660 on the hourly chart of the BNB/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $596 swing low to the $732 high. If there is a fresh increase, the price could face resistance near the $700 level. The next resistance sits near the $720 level. A clear move above the $720 zone could send the price higher. In the stated case, BNB price could test $732. A close above the $732 resistance might set the pace for a larger move toward the $750 resistance. Any more gains might call for a test of the $800 level in the near term. Another Decline? If BNB fails to clear the $700 resistance, it could start another decline. Initial support on the downside is near the $665 level. The next major support is near the $650 level. The main support sits at $635. If there is a downside break below the $635 support, the price could drop toward the $620 support. Any more losses could initiate a larger decline toward the $600 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $665 and $650. Major Resistance Levels – $700 and $732.
Binance founder Changpeng Zhao, also known as “CZ,” has taken the crypto market by storm after sharing his dog’s name and picture. The announcement sparked the launch of multiple tokens inspired by the pet and was further fueled by BNB Chain’s memecoin launchpad’s name-guessing contest. Related Reading: BNB Flips Solana’s Market Cap Amid Market Retrace – Breakout To $700 Coming? CZ Sparks Memecoin Frenzy On Wednesday, Changpeng Zhao acknowledged the cycle’s memecoin frenzy after an X user asked if he had a dog. The Binance founder revealed he had “not a Shiba Inu, but a Belgian Malinois,” which resulted in the crypto community asking for the name and picture of his dog. CZ inquired about how it would work if he shared the information, asking if people would create memecoins based on the dog, how investors would know which one is the “official” token, and if it even mattered. He joked he would mull whether to “respect his privacy, or dox the dog for the cause,” sparking massive speculation about an official memecoin launch. On Thursday, CZ shared on X that he would officially share his dog’s picture and name at 8:00 PM Dubai time, or 4:00 PM UTC, sending investors into a frenzy over the upcoming post. Community members launched several tokens with the possible names of CZ’s four-legged companion, some reaching up to $60 million in market capitalization. Arkham noted that the two frontrunner tokens on the BNB chain, BROWNIE, and PERRY, significantly surged on Thursday morning. Remarkably, an investor made over $1 million with less than a $12,000 initial in 12 hours. Four.Meme Kicks-Off Token Event BNB Chain’s token launchpad, Four.Meme joined the frenzy, announcing a “CZ Dog Name Meme Token Betting Event.” According to the X post, the tokens with the same then-unknown name of CZ’s dog would be part of a competition. The tokens created today before 4:00 PM UTC would be eligible to participate and “become the next big meme.” The announcement detailed: 30 minutes after CZ’s post, the highest market cap token on Four.Meme wins! The winner’s token will have its tokens in LP revenue regularly burned by Four.Meme! At 4:12 UTC, the Binance founder shared a picture with his dog, Broccoli. The dog was named after the vegetable because he wanted “a name that started with B and has some green in it.” CZ wrote that he and Broccoli bonded over their difficulty socializing, adding that the dog helped him get a “good break” from the “intense negotiations with the DOJ back then.” He also stated that he never imagined his pet would be part of the blockchain ecosystem, adding that there’s “never a dull day in crypto.” Broccoli Immortalized In The Blockchain CZ clarified that he was “just posting” his dog’s pictures and name and not issuing a memecoin himself. He considered it was up to the community whether to launch a token. The BNB foundation “may provide rewards for the top memes on the BNB Chain, giving LP support or other rewards,” but the details are still being discussed. After the “Pet reveal,” the tokens guessing Broccoli’s name plummeted, with the leading memecoin falling from a $22 million market cap to less than $1 million in less than a minute. Related Reading: Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level Meanwhile, the creation of memecoins inspired by CZ pet’s real name spiked, with several BNB Chain and Solana-based tokens flooding DexScreener’s feed. At the time of writing, CZ’s Dog (BROCCOLI), launched a minute after Zhao’s post, has become the largest gainer. The memecoin reached a $300 million market capitalization minutes after being created and is currently trading at $0.0745, with a $75 million market cap. The winning token of the Four.Meme contest is yet to be announced. Featured Image from Unsplash.com, Chart from TradingView.com
BNB is riding a strong bullish wave, surging over 10% as bullish momentum continues to build. This impressive rally has brought the price closer to the critical $724 resistance level, a key barrier that could dictate its next major move. Over the past few days, BNB has displayed strong buying pressure, signaling renewed investor confidence. The surge comes amid broader market optimism, with bulls aiming to capitalize on the move. However, the $724 mark has historically been a tough zone, where sellers have previously stepped in to trigger corrections. With market sentiment shifting in favor of altcoins, BNB’s performance is being closely watched. Will it conquer $724, or will resistance prove too strong? The coming days will be crucial in determining BNB’s next chapter. Technical Analysis: Can BNB Break Through $724? BNB’s recent 10% surge has brought it closer to the critical and challenging $724 resistance level, and breaking through it would require substantial buying pressure. The cryptocurrency’s price is currently trading above the 100-day Simple Moving Average (SMA), indicating that bullish momentum remains intact. This technical indicator is often used to gauge the overall market trend, and trading above it suggests that buyers are in control and the uptrend could continue. Related Reading: BNB Bounce From $500: A Temporary Recovery Or Start Of A Rally? A sustained position above the 100-day SMA typically acts as a strong support level, preventing deeper pullbacks and reinforcing market confidence. If buying pressure remains steady, the price may continue its upward trajectory to key resistance levels. However, the MACD indicator shows overbought conditions, signaling that the asset may be approaching a potential reversal or consolidation phase. When the MACD line moves significantly above the signal line and the histogram expands, it often suggests that upside pressure is losing steam, and a price correction could be on the horizon. An overbought MACD reading does not necessarily mean an immediate downturn, but it does indicate that buyers may be exhausted and that profit-taking may increase. If the indicator starts to show a bearish crossover—where the MACD line crosses below the signal line—it would confirm a weakening trend, leading to a price retracement toward key support levels. Market Outlook: What’s Next For The Price? The market outlook remains cautiously bullish, with technical indicators showing strong momentum. BNB is trading above key moving averages, reinforcing the uptrend, while trading volume remains high, signaling sustained investor interest. However, challenges remain, particularly with the MACD flashing overbought signals, causing the rally to lose steam. Related Reading: BNB Steadies Above Support: Will Bullish Momentum Return? Should BNB break and hold above $724, it might trigger a fresh wave of buying, pushing the price toward $795 and beyond. On the other hand, a rejection at this level is likely to spark a short-term pullback, with $680 and $605 acting as key support zones. Featured image from Adobe Stock, chart from Tradingview.com
Amid today’s market retrace, BNB is leading the market with a 9% surge and surpassed Solana after flipping the cryptocurrency’s market cap. Some analysts suggest BNB’s breakout could attempt to reclaim the $700 level and target new highs. Related Reading: Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level BNB Leads The Crypto Market On Wednesday, the crypto market recorded another retrace, with Bitcoin (BTC) falling to a one-week low of $94,000. The rest of the market registered red numbers, with most cryptocurrencies in the top 10 bleeding. Meanwhile, BNB, previously known as Binance Coin, swan against the current today, jumping to a 12-day high of $689. The cryptocurrency had a strong Q4 2024 after reclaiming the $700 resistance as support and reaching an all-time high (ATH) of $750 in December. Nonetheless, the start-of-year retraces halted BNB’s momentum, sending the cryptocurrency below the $700 mark on Inauguration Day to hover between the $680-$660 price range. The DeepSeek correction further saw the cryptocurrency nosedive to its lowest valuation since September. BNB momentarily fell to $500, driving the market sentiment into uncertain territory. Since then, the cryptocurrency has climbed 34% from the recent lows, steadily recovering key support zones. Today, the token jumped 9%, retesting the $660 and $670 resistance zones for the first time in 12 days. The surge saw BNB lead the crypto market, being the only token in the top 10 by market capitalization (MC) to record gains throughout Wednesday morning. Additionally, the cryptocurrency flipped Solana as the fifth-largest cryptocurrency by market cap after hitting $96 billion. On-chain data analysis firm Lookonchain noted that the BNB chain has processed 68.3 million transactions in the past 30 days, making it the top EVM chain by 30-day transactions. Breakout To $700 Around The Corner? Crypto analyst Ali Martinez pointed out that BNB could be gearing up for a massive move as it approached a key resistance zone between the $660 and $680 levels. According to the post, the cryptocurrency is facing “multiple technical hurdles” within this zone, including the 200, 100, and 50 Simple Moving Average (SMA), the 0.382 Fibonacci retracement, the TD Sequential resistance trendline, and the TD Sequential risk line. The analyst stated that breaking through these levels could “signal the next major move.” Meanwhile, analyst Elja Boom suggested that BNB could be about to follow its 2021 playbook. Related Reading: Ethereum Holds ‘Bounce Or Die’ Level: Rebound To $4,000 Could Be Near The analyst highlighted that the cryptocurrency is following the same breakout structure and trajectory as four years ago, which could indicate a potential surge to new highs is around the corner. BNB is attempting to reclaim its monthly opening level and retest the $700 barrier. A surge above this level could send the cryptocurrency to its two-month downtrend line and “push for the bullish reversal once again.” As of this writing, BNB is trading at $687, surging 7.2% and 21% in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
BNB price is recovering losses from the $540 support zone. The price is rising and might aim for a fresh move toward the $635 resistance. BNB price is struggling to clear the $585 resistance zone. The price is now trading near $580 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $560 level to start another increase in the near term. BNB Price Eyes Fresh Surge After a decent increase, BNB price struggled to settle above the $620 level. It started a pullback from the $619 high, like Ethereum and Bitcoin. There was a drop below the $600 support zone. The price even dived below the $580 level. A low was formed at $559 and the price recently started a decent recovery wave. There was a move above the $570 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $559 low. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair. The price is now trading near $580 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $590 level or the 50% Fib retracement level of the downward move from the $619 swing high to the $559 low. The next resistance sits near the $595 level. A clear move above the $595 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Another Decline? If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $510 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $560 and $540. Major Resistance Levels – $590 and $605.
BNB has bounced off the crucial $500 support level, sparking speculation about whether this marks the beginning of a bullish resurgence or a temporary relief before another downturn. After facing sustained selling pressure, buyers have stepped in to defend this key level, fueling hopes for a potential recovery. However, with resistance levels still looming, the true strength of this rebound remains uncertain. Market sentiment remains uncertain as bulls attempt to regain control while bears stay cautious. BNB’s next move hinges on breaking key resistance levels and sustaining higher prices. A successful breakout could confirm a bullish continuation, while fading momentum may lead to another rejection and a retest of lower support zones. Technical indicators such as RSI and moving averages will play a crucial role in determining the next move. Bulls may have the upper hand if the RSI trends upward and key levels are reclaimed. On the other hand, if bearish pressure resurfaces, the possibility of further downside cannot be ignored. Analyzing The Buying Pressure On Price Currently, BNB is displaying strong upside movements as it moves toward the $605 resistance level. The coin has been steadily climbing, indicating buyers are regaining control and pushing its price higher. This move comes after a successful rebound from the key $500 support level, which has sparked renewed optimism among traders. Related Reading: BNB Price Poised for Gains: Bulls Push for New Highs Despite the ongoing bullish momentum, the price’s position under the 100-day SMA signals that BNB has not yet fully regained a strong positive trend in the longer term. It could also indicate that there is still some selling pressure from bears that might prevent the price from maintaining a steady rise. If BNB continues to trade below this key moving average, it could have difficulty sustaining its current upbeat momentum. The longer it remains below the SMA, the greater the risk of a reversal or consolidation. Additionally, the RSI (Relative Strength Index) indicator remains in the oversold territory, showing no immediate signs of moving back toward neutral or the overbought zone. An RSI reading below 30% typically implies that the asset is oversold, and there may be more downside potential or a need for price correction. However, the RSI’s failure to exit the oversold zone suggests that the market is still under strain, with bearish pressure possibly outweighing bullish pressure. For the bulls to take control and push BNB higher, the RSI would need to gradually move back above the 30-50% range, triggering a shift toward more balanced market conditions. Is BNB Ready For A Breakout Or Heading For Another Decline? In conclusion, BNB’s current upward movement is an encouraging sign for the bulls, but the real test lies at the $605 resistance level. Should bulls succeed in pushing the price above this level, a stronger rally may follow, resulting in the cryptocurrency testing other resistance levels such as $680 and $724. Related Reading: BNB Price Bounces Back Strongly: Is The Rally Sustainable? Nevertheless, failure to clear the $605 zone might lead to a consolidation phase or possible pullback to the $531 and $500 support levels. Traders will need to closely monitor market conditions and technical indicators to gauge whether the current bullish sentiment can be sustained. Featured image from Shutterstock, chart from Tradingview.com
BNB price is recovering losses from the $635 support zone. The price is rising and might aim for a fresh move toward the $700 resistance. BNB price is struggling to clear the $685 resistance zone. The price is now trading above $675 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $674 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $668 level to start another increase in the near term. BNB Price Eyes Comeback After a decent increase, BNB price struggled to settle above the $700 level. It started a pullback from the $691 high, like Ethereum and Bitcoin. There was drop below the $685 support zone. The price even dived below the $650 level. A low was formed at $637 and the price recently started a strong rebound. There was a move above the $650 level. The price climbed above the 50% Fib retracement level of the downward move from the $691 swing high to the $637 low. There was a break above a key bearish trend line with resistance at $674 on the hourly chart of the BNB/USD pair. The price is now trading above $675 and the 100-hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $691 swing high to the $637 low. If there is a fresh increase, the price could face resistance near the $685 level. The next resistance sits near the $692 level. A clear move above the $692 zone could send the price higher. In the stated case, BNB price could test $700. A close above the $700 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $732 level in the near term. Another Decline? If BNB fails to clear the $685 resistance, it could start another decline. Initial support on the downside is near the $675 level. The next major support is near the $668 level. The main support sits at $655. If there is a downside break below the $655 support, the price could drop toward the $635 support. Any more losses could initiate a larger decline toward the $620 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $675 and $668. Major Resistance Levels – $685 and $692.
BNB price is consolidating near the $700 support zone. The price is showing a few bearish signs but the bulls might remain active near the $672 support. BNB price is struggling to clear the $720 resistance zone. The price is now trading below $700 and the 100-hourly simple moving average. There was a break below a key bullish trend line with support at $696 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $672 level to start another increase in the near term. BNB Price Holds Support After a decent increase, BNB price struggled to settle above the $705 level. It started a pullback from the $703 high, like Ethereum and Bitcoin. There was drop below the $695 support zone. Besides, there was a break below a key bullish trend line with support at $696 on the hourly chart of the BNB/USD pair. The pair seems to be now approaching the 50% Fib retracement level of the upward move from the $664 swing low to the $703 high. The price is now trading below $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $692 level. The next resistance sits near the $696 level. A clear move above the $696 zone could send the price higher. In the stated case, BNB price could test $700. A close above the $700 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $732 level in the near term. More Losses? If BNB fails to clear the $696 resistance, it could start another decline. Initial support on the downside is near the $685 level. The next major support is near the $680 level. The main support sits at $672 or the 76.4% Fib retracement level of the upward move from the $664 swing low to the $703 high. If there is a downside break below the $692 support, the price could drop toward the $685 support. Any more losses could initiate a larger decline toward the $675 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $685 and $672. Major Resistance Levels – $696 and $700.
BNB price is consolidating above the $700 support zone. The price is consolidating and might aim for a fresh increase above the $720 resistance. BNB price is struggling to clear the $720 resistance zone. The price is now trading above $700 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $700 level to start another increase in the near term. BNB Price Aims Higher After a downside correction, BNB price found support at $690. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $700 level. The bulls were able to push the price above the $712 resistance. However, the bears are active near the $720 zone. A high was formed at $717 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $689 swing low to the $717 high. The price is now trading above $700 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $718 level. The next resistance sits near the $720 level. A clear move above the $720 zone could send the price higher. In the stated case, BNB price could test $732. A close above the $732 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term. Another Dip? If BNB fails to clear the $720 resistance, it could start another decline. Initial support on the downside is near the $708 level and the trend line. The next major support is near the $703 level. The main support sits at $700 or the 61.8% Fib retracement level of the upward move from the $689 swing low to the $717 high. If there is a downside break below the $700 support, the price could drop toward the $692 support. Any more losses could initiate a larger decline toward the $685 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $708 and $700. Major Resistance Levels – $720 and $732.
The US Supreme Court has denied Binance’s request to review the decision that revived a 2020 class action lawsuit accusing the exchange of violating security laws in the country and failing to protect investors. Related Reading: Singapore Bans Crypto-Based Prediction Platform Polymarket US Supreme Court Rejects Binance Appeal On Monday, the US Supreme Court rejected […]
BNB price is consolidating above the $675 support zone. The price is consolidating and might aim for a fresh increase above the $700 resistance. BNB price is struggling to settle above the $700 pivot zone. The price is now trading below $700 and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $680 level to start another increase in the near term. BNB Price Holds Support After a downside correction, BNB price found support at $675. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $685 level. The price was able to recover above the 23.6% Fib retracement level of the downward move from the $745 swing high to the $674 low. There was also a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair. The price is now trading below $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $700 level. The next resistance sits near the $710 level or the 50% Fib retracement level of the downward move from the $745 swing high to the $674 low. A clear move above the $710 zone could send the price higher. In the stated case, BNB price could test $725. A close above the $725 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term. Another Dip? If BNB fails to clear the $710 resistance, it could start another decline. Initial support on the downside is near the $685 level. The next major support is near the $675 level. The main support sits at $650. If there is a downside break below the $650 support, the price could drop toward the $642 support. Any more losses could initiate a larger decline toward the $625 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 above the 50 level. Major Support Levels – $685 and $675. Major Resistance Levels – $700 and $710.
BNB price is consolidating above the $620 support zone. The price is consolidating and might aim for a fresh increase above the $675 resistance. BNB price is struggling to settle above the $700 pivot zone. The price is now trading below $680 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $640 level to start another increase in the near term. BNB Price Holds Support After a downside correction, BNB price found support at $620. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears appeared at $695. There was a move below the $680 and $675 levels. The price declined below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. There is also a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair. The price is now trading below $675 and the 100-hourly simple moving average. However, the bulls are now active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. If there is a fresh increase, the price could face resistance near the $675 level and the trend line. The next resistance sits near the $692 level. A clear move above the $692 zone could send the price higher. In the stated case, BNB price could test $705. A close above the $705 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $735 level in the near term. Another Dip? If BNB fails to clear the $675 resistance, it could start another decline. Initial support on the downside is near the $640 level. The next major support is near the $625 level. The main support sits at $620. If there is a downside break below the $620 support, the price could drop toward the $612 support. Any more losses could initiate a larger decline toward the $600 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 above the 50 level. Major Support Levels – $640 and $620. Major Resistance Levels – $675 and $692.
BNB is demonstrating resiliency, reclaiming the $724 mark as bullish momentum gathers steam. After weeks of navigating through volatile price swings, the bulls seem determined to make their presence known. However, the big question remains: can they sustain this rally and push the price toward the highly anticipated $800 milestone? With momentum building and market […]
Binance and Circle established a strategic cooperation on Wednesday to increase adoption and utilization of the USDC stablecoin during an Abu Dhabi press conference. According to Fortune, the cooperation between Binance, the world’s largest cryptocurrency exchange, and Circle, which co-founded USDC with Coinbase, intends to acquire a larger portion of this booming market, especially as […]
BNB price is gaining pace above the $700 zone. The price is showing positive signs and might aim for a move above the $735 resistance. BNB price started a fresh increase from the $650 support zone. The price is now trading above $700 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $700 level to start another increase in the near term. BNB Price Starts Fresh Increase After a close above the $675 level, BNB price started a fresh increase, like Ethereum and Bitcoin. The bulls were able to pump the price above the $680 and $700 resistance levels. There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $761 swing high to the $650 low. The price is now trading above $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $720 level. It is close to the 61.8% Fib retracement level of the downward move from the $761 swing high to the $650 low. The next resistance sits near the $735 level. A clear move above the $735 zone could send the price higher. In the stated case, BNB price could test $750. A close above the $750 resistance might set the pace for a larger move toward the $762 resistance. Any more gains might call for a test of the $800 level in the near term. Another Dip? If BNB fails to clear the $735 resistance, it could start another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level. The main support sits at $675. If there is a downside break below the $675 support, the price could drop toward the $662 support. Any more losses could initiate a larger decline toward the $650 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $705 and $700. Major Resistance Levels – $735 and $750.
BNB price is consolidating near the $725 zone. The price is showing positive signs and might aim for a move above the $740 resistance. BNB price started a downside correction from the $800 resistance zone. The price is now trading above $700 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $715 level to start another increase in the near term. BNB Price Holds Support After a close above the $700 level, BNB price extended its increase, like Ethereum and Bitcoin. The bulls were able to pump the price above the $720 and $750 resistance levels. Finally, the price tested the $800 zone. A high was formed at $794 before there was a downside correction. There was a move below the $750 and $740 levels. However, the price is now holding gains above the $700 level. A low was formed at $688 and the price is now consolidating above the 23.6% Fib retracement level of the downward move from the $795 swing high to the $688 low. The price is now trading above $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $725level. There is also a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair. The next resistance sits near the $740 level. It is near the 50% Fib retracement level of the downward move from the $795 swing high to the $688 low. A clear move above the $740 zone could send the price higher. In the stated case, BNB price could test $750. A close above the $750 resistance might set the pace for a larger move toward the $785 resistance. Any more gains might call for a test of the $800 level in the near term. Another Dip? If BNB fails to clear the $725 resistance, it could start another decline. Initial support on the downside is near the $715 level. The next major support is near the $700 level. The main support sits at $685. If there is a downside break below the $685 support, the price could drop toward the $665 support. Any more losses could initiate a larger decline toward the $650 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 above the 50 level. Major Support Levels – $715 and $700. Major Resistance Levels – $740 and $750.
BNB has taken the spotlight with a powerful surge, breaking past the critical $724 resistance level and signaling the potential for more growth. This breakout has ignited bullish momentum, sparking speculation that the token could be gearing up for uncharted territory. With strong market sentiment and increasing trading activity, BNB appears poised to extend its rally, leaving many wondering how high it can climb in the days ahead. This article aims to explore BNB’s recent breakout above the $724 level, delving into the key drivers behind its bullish strength. it seeks to assess whether the asset can sustain its upward trajectory and set new all-time highs by analyzing technical indicators, market sentiment, and potential resistance zones BNB Breaks $724: A Key Milestone For The Bulls On the 4-hour chart, BNB is positioned above the 100-day Simple Moving Average (SMA), a key indicator of its current bullish trajectory. Significantly, this alignment highlights the token’s underlying strength and suggests that positive sentiment is driving its momentum. The steady upward movement reflects growing optimism among traders, with BNB now aiming to create new highs. An examination of the 4-hour Relative Strength Index (RSI) reveals a notable climb, with the indicator reaching the 78% threshold after rebounding from a recent low of 46%. The sharp increase underscores a strong surge in bullish momentum, as intensified buying pressure has driven the RSI into overbought territory, thereby signaling a significant change in market sentiment. Related Reading: BNB Surges 18% To Hit Record High Close To $800: Is Further Growth On The Horizon? Also, the daily chart further emphasizes BNB’s strong upward momentum, marked by the formation of bullish candlesticks as the price climbs above $724, indicating the possibility of continued gains and an extension of the rally. Its position above the SMA reinforces the positive trend, demonstrating sustained strength and market confidence, setting the stage for a continued rally. Lastly, the daily chart’s RSI recently reached 76%, indicating that BNB has entered overbought territory. This suggests a strong optimistic sentiment as substantial buying pressure drives prices higher. While this level points to the potential for more upside, it also signals that the asset may be overheating. Can The Bulls Sustain The Momentum Beyond $724? BNB has surged past the crucial $724 level, fueling a strong bullish movement. The critical question is whether the bulls can maintain this upward trajectory and bolster its value. If the buying pressure remains strong, the asset could be on track to reach new highs, with $800 emerging as the next key target. Related Reading: BNB Price Poised for Fresh Increase: Will Momentum Build? However, if the cryptocurrency fails to maintain its upbeat momentum, it could begin to decline toward the $724 level. A breach below this support may spark additional downside movement, possibly leading the price to test other support zones. Featured image from Binance, chart from Tradingview.com
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has officially entered a new price discovery phase, recently reaching an all-time high of $774 late Tuesday. This significant milestone reflects a broader trend in the cryptocurrency market, where attention has shifted from Bitcoin (BTC) to altcoins like BNB and XRP, both of which have demonstrated impressive price movements over the past 48 hours. BNB Price’s 235% Year-to-Date Gain After a prolonged consolidation period between $430 and $600 from September to early November, BNB has surged nearly 25% in just the past two weeks. This increase is part of a capital rotation within the market, drawing investor interest toward cryptocurrencies such as Binance Coin. The token’s breakout above the critical resistance level of $658 marks a pivotal moment, indicating increased buying demand and renewed market confidence. Related Reading: Analyst Says Dogecoin Price At $1.3-$1.5 Is Still Possible, Here’s Why Year-to-date, BNB has delivered remarkable gains of 235%, especially following a significant downturn earlier in 2023 when the token fell to around $203. This decline was largely attributed to regulatory challenges faced by Binance, including charges of money laundering against the company and its former CEO, Changpeng Zhao (CZ), which ultimately led to CZ stepping down. Although trading volumes on the exchange dropped in response, optimism has resurfaced, particularly with anticipated regulatory changes under the incoming administration of Donald Trump in 2025. In addition, the current US Securities and Exchange Commission (SEC) chair Gary Gensler, has recently announced its departure effective on January 20, coinciding with Donald Trump’s presidential inauguration. This could pave the way not only for further capital injection into the Binance Coin, but also open a range of new investment vehicles such as the surging crypto exchange-traded fund (ETF) market led by Bitcoin and Ethereum (ETH). Key Levels To Watch As Binance Coin Approaches $800 BNB’s market cap has surged in tandem with its price, reaching approximately $93 billion before the recent 17% price increase, which pushed its market cap to over $112 billion. This price action has been accompanied by a notable increase in trading volume, which rose 14% in the last 24 hours, totaling just over $5 billion, according to CoinGecko data. These developments have contributed to a strong upward trend, positioning BNB closer to the $800 milestone. However, investor behavior, particularly potential profit-taking, and the maintenance of key support levels will be crucial in determining the token’s trajectory moving forward. Related Reading: Cardano Next In Line After XRP? ADA Price Targets $4.88 In Epic Breakout Crypto analyst Ali Martinez previously highlighted a critical price point, suggesting that a weekly close above $662 could set BNB up for a significant move towards $1,630. Interestingly, Binance Coin closed the past week just above this mark at $663, which implies a further surge of approximately 110%, which would represent a major milestone for the token in the coming months. For BNB to maintain this optimistic outlook, it will be essential for the token to consolidate around current trading levels, particularly near the last demand zone at $660. Although this support level is below the current price of $773, it remains a crucial area for sustaining momentum and facilitating potential future gains for Binance Coin. Featured image from DALL-E, chart from TradingView.com
A former Binance executive has filed a whistleblower lawsuit against the cryptocurrency exchange in the UK, alleging that a colleague solicited a bribe from a customer in exchange for preferential treatment. Amrita Srivastava, a senior employee based in London, claims she was “unfairly dismissed” after raising concerns about the alleged misconduct. Srivastava’s Lawsuit Against Binance […]
BNB has found its footing at the $605 support level, sparking optimism for a potential recovery. Following recent bearish pressure, the bulls appear to be regrouping, aiming to regain control and push the price higher. With key technical indicators signalling renewed buying interest, market participants are closely watching whether this support will serve as the launchpad for BNB’s next rally. As BNB shows encouraging signs of revival, this article aims to delve into its rebound from the $605 support level and evaluate its capacity for a sustained recovery. By analyzing market trends, technical indicators, and key resistance levels, we seek to determine whether BNB is positioned for a fresh, bullish run or still faces the risk of renewed bearish pressure. Technical Indicators Signal A Potential Rebound On the 4-hour chart, BNB is currently exhibiting a steady upward trajectory despite trading below the 100-day Simple Moving Average (SMA). After rebounding strongly from the critical $605 support level, the asset is making strides to extend its gains, aiming toward the $635 resistance zone. A successful breach above the 100-day SMA could further validate its recovery, potentially opening the door to higher levels. Also, the 4-hour Relative Strength Index (RSI) has rebounded to 42% from a low of 35%, signaling a resurgence in buying pressure and a shift toward a more bullish market sentiment. If the RSI rises and approaches 50%, it could confirm its upside movement, giving BNB the strength to push higher and test resistance levels. Related Reading: BNB Price Sets Up for a Comeback: Bulls Eye Higher Levels BNB is showing strong upward movement on the daily timeframe, holding above the 100-day SMA after a rebound at the $605 support level. This has provided stability, enabling the cryptocurrency to advance toward the $635 resistance level. The price movement indicates a growing optimistic sentiment as BNB trades above key technical levels. Furthermore, the daily RSI has risen above 50% after briefly dropping below it, signaling a shift to positive market sentiment. With bearish momentum subsiding, this suggests that buying pressure is stronger than selling pressure. If the RSI continues to rise, it could further support BNB’s upswing and strengthen the positive trend, possibly leading to a continued rally, targeting higher resistance levels. Analyzing Key Resistance Targets For BNB Next Move Following its rebound from the $605 support level, BNB is targeting the $635 resistance level, which could serve as a key obstacle. Should the cryptocurrency successfully break through this resistance, the next targets could be higher zones, such as the $724 level and beyond, signalling robust bullish momentum. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? However, if BNB fails to break through the $635 resistance, it may indicate a potential consolidation or reversal, with the price falling toward the $605 support level. A successful break below this support could lead to more declines, targeting lower support levels. Featured image from iStock, chart from Tradingview.com
BNB price is consolidating near the $640 zone. The price is holding the $625 support and might aim for a move above the $660 resistance. BNB price started a downside correction from the $685 resistance zone. The price is now trading below $650 and the 100-hourly simple moving average. There is a key declining channel forming with resistance at $660 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $625 level to start another increase in the near term. BNB Price Holds Support After a close above the $640 level, BNB price extended its increase. However, upsides were limited above $685 and the price remained capped, unlike Ethereum and Bitcoin. There was a move below the $666 and $650 levels. However, the price is now holding gains above the $625 level. A low was formed at $626 and the price is now consolidating above the 23.6% Fib retracement level of the downward move from the $676 swing high to the $626 low. The price is now trading below $650 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $650 level. It is close to the 50% Fib retracement level of the downward move from the $676 swing high to the $626 low. The next resistance sits near the $660 level. There is also a key declining channel forming with resistance at $660 on the hourly chart of the BNB/USD pair. A clear move above the $660 zone could send the price higher. In the stated case, BNB price could test $676. A close above the $676 resistance might set the pace for a larger move toward the $685 resistance. Any more gains might call for a test of the $700 level in the near term. More Losses? If BNB fails to clear the $660 resistance, it could start another decline. Initial support on the downside is near the $632 level. The next major support is near the $625 level. The main support sits at $615. If there is a downside break below the $615 support, the price could drop toward the $600 support. Any more losses could initiate a larger decline toward the $588 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 – $632 and $625. Major Resistance Levels – $650 and $660.
BNB price struggled to clear the $665 resistance zone. The price is consolidating and might aim for a fresh increase above the $635 level. BNB price started a downside correction from the $665 resistance zone. The price is now trading below $640 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $600 level to start another increase in the near term. BNB Price Holds Support After a close above the $620 level, BNB price extended its increase. However, upsides were limited above $660 and the price remained capped, unlike Ethereum and Bitcoin. There was a move below the $632 and $620 levels. However, the price is now holding gains above the $600 level. A low was formed at $616 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $661 swing high to the $616 low. The price is now trading below $620 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $626 level. The next resistance sits near the $638 level or the 50% Fib retracement level of the downward move from the $661 swing high to the $616 low. A clear move above the $638 zone could send the price higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger move toward the $665 resistance. Any more gains might call for a test of the $680 level in the near term. More Losses? If BNB fails to clear the $638 resistance, it could start another decline. Initial support on the downside is near the $620 level and the trend line. The next major support is near the $615 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $585 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $620 and $615. Major Resistance Levels – $638 and $650.
The estate of bankrupt crypto exchange FTX filed a lawsuit against Binance and its former CEO, Changpeng Zhao, for alleged fraudulent transfers and starting a campaign to “destroy” its competitor. The $1.8 billion legal action follows another 23 lawsuits filed last Friday to claw back part of the ill-spent funds. Related Reading: Cardano Founder Reveals […]
Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance. Strong Emotional Ties To Binance’s Future Amid cheers […]