The price of BNB is making an attempt to rise farther from the $500 range. If the stock breaks through the resistance levels at $588 and $610, positive momentum may increase.

The price of BNB began a new upswing over $520 and $540.

Right present, the price is trading above both the $575 mark and the 4-hour simple moving average.

On the BNB/USD pair's 4-hour chart, a significant bullish trend line is forming, with support located close to $580 (data source: Binance).

If the pair breaks through the $610 resistance zone, it might try to make another surge.

BNB Price Sees New Increase

Following a decline from $645, the price of BNB found support close to the $500 region. Similar to Ethereum and Bitcoin, a low was created at $498, and the price began a new upward trend.

The resistance levels of $520 and $550 were crossed. Price broke over the 50% Fib retracement level of the decline from the $645 swing high to the $498 low, which was initiated by the bulls. Right present, the price is trading above both the $575 mark and the 4-hour simple moving averages

On the BNB/USD pair's 4-hour chart, a significant bullish trend line is also forming, with support located close to $580. Around $588 is where immediate resistance is located. It is in proximity to the level of the 61.8% Fib retracement of the decline from the $645 swing high to the $498 low.

The $610 mark represents the next point of resistance. The price may rise even higher if there is a clear move above the $610 region. In the above scenario, the price of BNB might reach $645. A closing over the resistance level of $645 could initiate a more significant rise towards the $680 barrier. If there are any more increases, the $700 level may need to be tested in the upcoming days.

One More Drop?

BNB may initiate another downturn if it is unable to overcome the $610 resistance. The trend line and the $580 mark provide the first signs of support on the downside.

The $560 mark is close to the next significant support. $540 is the primary support level. The price may decline towards the $500 support if there is a fall breach below the $540 support. More losses can start a bigger drop in the direction of $450.

Technical speculation

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $580, $560, and $540.

Major Resistance Levels – $598, $610, and $640.