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31/07/24
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Technical Outlook on the Performance of Binance Coin (BNB)
The chart of BNB/USD shows that the bulls were able to initiate a modest upside move from the support area at $565 over the previous few days. There was a push past two barrier levels, including $572 and $580.
The bulls pushed BNB clearly above the barrier level at $582. BNB was able to move past the 50% Fibonacci correction level of the fall from $597 swing high to $568 low. A look at its 1-hour chart shows that it broke past a key declining trend line with a barrier level at $582.
The same chart shows that its current performance is at levels above $582, as well as above the 100 SMA. There is a current consolidation close to the 61.8% Fibonacci correction level of the fall from $597 swing high to $568 low.
BNB may encounter a barrier level close to $588 on its way upwards. The immediate barrier level is located close to $590. The ability of the bulls to push BNB clearly past the $590 area may bring about more upside moves. In this situation, BNB may be able to visit $600.
If it closes above the barrier level at $600, the bulls may be able to pave the way for a move towards the barrier level at $620. If there are any additional gains, they may push BNB higher for a visit to $632 over the coming few sessions.
On the other hand, the failure of the bulls to push BNB clearly past the barrier level at $590 may empower the bears to initiate a new move to the downside. The first support level on its way downward is close to $582, as well as near the 100 hourly SMA.
The immediate key support level is close to $575, while the major support level exists at $565. If BNB breaks beneath the support level at $565, the bears may be able to pave the way for a move towards the support level at $550. If there are any additional losses, the bears may bring about a more significant downside move towards $532.
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