BNB price initiated a fresh surge surpassing the $542 resistance zone. The price is now consolidating its gains and may aim for further increases above $550. However, it is currently trading below $550 and the 100-hourly simple moving average.
On the hourly chart of the BNB/USD pair (sourced from Binance), a key bearish trend line is forming with resistance at $550. The pair must remain above the $540 pivot level to start another uptick.
In recent days, BNB has outperformed both Ethereum and Bitcoin, stabilizing above $525 and breaking through the $535 resistance zone. The price crossed the $542 and $545 resistance levels, climbing above the 50% Fib retracement level of the downward move from the $562 swing high to the $527 low.
Currently, bears are active near the $550 resistance zone. The price is trading below $550 and the 100-hourly simple moving average.
Further resistance is expected near $558. A clear move above this level could propel the price to test $565, and a close above this might lead to a larger move towards $580, with potential gains reaching $592.
If BNB fails to clear the $550 resistance, it might decline. Initial support on the downside is near $544, followed by major support levels at $540 and $535. A break below $535 could see the price dropping to $520 or even $505.
Technical indicators: Hourly MACD for BNB/USD is losing pace in the bullish zone, and the Hourly RSI is above 50. Major support levels are $540 and $535, while resistance levels are $550 and $558.
