BNB Price Surges: Can It Sustain the Rally?

BNB Price Shows Strength—Is a Comeback in Play?

BNB price has been recovering from the $595 support zone, with a recent rise that could potentially target the $632 resistance level. The price has moved higher above the $610 resistance zone, but it is currently trading below $630 and the 100-hourly simple moving average. A connecting bearish trend line has formed with resistance at $618 on the hourly chart of the BNB/USD pair. To initiate another increase in the near term, the pair must stay above the $595 level.

After forming a base above the $590 level, BNB price started a fresh increase, moving above the $600 and $610 resistance levels and even recovering above the $612 level, outperforming both Ethereum and Bitcoin. There was a decent move above the 50% Fib retracement level of the downward move from the $632 swing high to the $5995 low. However, the bears seem to be active near the $615 and $618 levels, with a connecting bearish trend line forming with resistance at $618 on the hourly chart of the BNB/USD pair. The price is now trading below $620 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $618 level, with the next resistance sitting near the $622 level or the 76.4% Fib retracement level of the downward move from the $632 swing high to the $5995 low.

A clear move above the $622 zone could send the price higher, potentially testing $632. A close above the $632 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term. However, if BNB fails to clear the $622 resistance, it could start another decline, with initial support near the $602 level and the next major support near the $600 level. The main support sits at $595. If there is a downside break below the $595 support, the price could drop toward the $5