The post BNB Price Set to Surge: Could It Be the Next Big Mover? appeared on BitcoinEthereumNews.com.

BNB price struggled to stay above the $600 zone. The price is consolidating gains and might aim for a fresh increase above the $605 level. BNB price started a downside correction from the $612 resistance zone. The price is now trading above $590 and the 100-hourly simple moving average. There is a connecting bullish trend line forming with support at $595 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 Holds Support After a close above the $585 level, BNB price extended its increase. However, upsides were limited above $610 and the price remained capped unlike Ethereum and Bitcoin. There was a move below the $605 and $600 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the $580 level. The price is now trading above $595 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $605 level. The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 resistance. Any more gains might call for a test of the $650 level in the near term. More Losses? If BNB fails to clear the $605 resistance, it could start another decline. Initial support on the downside is near the $595…

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Filed under: News - @ November 8, 2024 5:18 am