BNB price was inside a triangle yesterday and had come down to $490 at the bottom. It started a new upward trend and managed to escape the triangle from the top at $495. Subsequently, BNB price surpassed the $500 and $505 resistance levels with a strong bullish trend. Today, at some point it even touched $510 but had to halt and go for a price correction. And so, the price came down to the $500 to $498 zone near the 50% Fibonacci retracement level. As of writing this article, BNB price is around $498.
BNB Price Action Analysis
Taking a look at the 1-hour chart, we see BNB was affected by a downward trendline form September 4. However, it found support at the $490 to $488 zone by touching the SMA100 and started a new upward trend.
During this run, BNB price managed to break through the downward trend line at $495 and bounce back. For the bullish run, Binance coin successfully broke through the $500 and $505 resistance levels and reached $510. But yet again had to stop and go for a price correction.
During the correction, BNB price came down to the $498 to $500 zone near the 50% Fibonacci retracement level but once again found support there.
Currently, this zone is supporting the price and in case it successfully does so, BNB could bounce back. For the bullish scenario, the $504 to $505 zone and then the $510 will be the resistance levels. Surpassing the $510 and stabilizing above it would help BNB reach the $515 to $520 zone. Following that, the $530 and $550 will be next for Binance coin.
On the other hand, if BNB fails to break through $505 and $510 and loses the $500 to $498 zone support, further decline is to be expected.
For the bearish scenario, the $495 to $492 zone near the SMA100 will be a crucial support for BNB price. Following that, the $490 to $488 will be next to support the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BNB is losing an upward movement.
RSI: the relative strength index is approximately 53.
Resistance levels: BNB`s first resistance level is at $505. Following that, the next ones will be at $509 to $510 zone and then $495 and $515 to $520 will follow.
Support levels: the first support level is at $498. Then the $495 to $492 zone and following that the $490 to $488 will follow.
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