Analysis and Expectations of Binance Coin (BNB) Market

Binance Coin (BNB) recently gained strength by breaking out of the $545 support and is currently trading above $578. The cryptocurrency is drawing attention with Binance’s 51st Launchpool project, Saga announcement. BNB’s price movements are important as it is close to breaking the narrowing triangle formation it recently created. Price Critical Levels and Formation Impacts The BNB/USD pair faces a strong resistance level around $585. If the $590 resistance is broken, there is a possibility for BNB to rise towards the $620 resistance. However, if the $590 level is not surpassed, price declines could occur. Technical analyses indicate that BNB has risen by breaking resistance levels, but this rise needs to be confirmed above the $590 level. Negative Scenario and Support Levels If BNB fails to surpass the $590 critical resistance, a new downtrend could begin. The first support is around $555, and there is a stronger support level at […]

Analysis and Expectations of Binance Coin (BNB) Market

Binance Coin (BNB) recently gained strength by breaking out of the $545 support and is currently trading above $578. The cryptocurrency is drawing attention with Binance’s 51st Launchpool project, Saga announcement. BNB’s price movements are important as it is close to breaking the narrowing triangle formation it recently created.

Price Critical Levels and Formation Impacts

The BNB/USD pair faces a strong resistance level around $585. If the $590 resistance is broken, there is a possibility for BNB to rise towards the $620 resistance. However, if the $590 level is not surpassed, price declines could occur.

Technical analyses indicate that BNB has risen by breaking resistance levels, but this rise needs to be confirmed above the $590 level.

Negative Scenario and Support Levels

If BNB fails to surpass the $590 critical resistance, a new downtrend could begin. The first support is around $555, and there is a stronger support level at $545. However, a break below the $532 level could lead the price to drop towards $500, with the $465 level being an important support for a larger downtrend.

BNB Rise Signals

Technical indicators such as 4-hour MACD and RSI suggest that the upward momentum for BNB continues. RSI above 50 indicates the continuation of the upward potential.

Useful Information for the Reader

The current price above $578 is a positive sign for BNB.
Opening the $590 resistance could strengthen the upward trend.
In case of failure to open $590, a correction could occur, with the first support at $555.
A break below $532 could lead to a drop towards $500.
Technical indicators such as MACD and RSI signal an upward trend.

However, for BNB to continue its upward trend, the opening of the $585, $590, and $620 resistance levels is essential. Without surpassing these levels, investors may face uncertainty and price fluctuations risk.

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how to buy crypto?
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