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11/07/24
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Technical Outlook on the Performance of Binance Coin (BNB)
A look at the chart of BNB/USD shows that the bulls were able to initiate a modest move to recover from the support area at $472. They pushed BNB past two barrier levels, including $495 and $500.
BNB was able to move clearly above the barrier level at $520, but the bears continued to do their best close to the $530 area. The altcoin hit levels as high as $529.2 prior to initiating current consolidation of gains. Its current performance is at levels above the 23.6% Fibonacci correction level of the upswing from $471 swing low to $529 high.
A look at its 1-hour chart shows that its current performance is at levels above $520, as well as above the 100 SMA. The same chart shows the formation of a major rising channel with a support level at $518.
The ability of the bulls to initiate a new move to recover may lead to the barrier level close to $530. The immediate barrier level is located close to $542. If BNB is pushed clearly past the $542 area, the bulls may be able to bring about more upswings. In this situation, BNB may be compelled to visit $550.
If BNB closes past the barrier level at $550, the bulls may be able to pave the way for a more significant upside move towards the barrier level at $565. If there are any additional gains, BNB may be pushed to visit $580 over the coming several sessions.
On the other hand, the failure of the bulls to push BNB clearly past the barrier level at $530 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $520 or near the channel trend line.
The immediate key support level is close to $508. The key support level is located at $500 as well as at the 50% Fibonacci correction level of the upswing from $471 swing low to $529 high. If BNB breaks beneath the support level at $500, the bears may be able to bring about a fall towards the support level at $485. If there are any additional losses, they may pull BNB significantly to the downside, specifically towards $472.
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