BNB price recently surged above the $525 resistance and is now consolidating gains. It is trading under $535 and the 100-hourly simple moving average. Currently, a short-term rising channel is forming with support at $540 on the hourly chart of the BNB/USD pair from Binance data.
The price outperformed Ethereum and Bitcoin, testing the $550 resistance zone. A high was formed at $549.5, followed by a correction below the $545 level and the 23.6% Fib retracement level.
If BNB sees a fresh increase, it could face resistance near $548 and $550. A breakthrough above $550 could test $562, with potential further gains towards $580 and $585.
If unable to clear $550, the price could decline, finding initial support at $540 and major support at $525 and $520. A downside break below $520 may lead to a drop toward $505 or $500.
Technical indicators show the hourly MACD losing pace in the bullish zone, while the RSI is above 50. Major support levels are $540 and $525, with resistance at $548 and $550.
