BNB Reclaims $500: Will Bulls Maintain Momentum Above Key Resistance?

BNB price surged above $500 and is consolidating gains, with bulls eyeing a move beyond $525. However, failure to hold the $500 level could lead to a downside correction.

Binance Coin (BNB) has recently reclaimed the $500 mark, signaling a fresh push upward as it aligns with the positive momentum seen in other major cryptocurrencies like Bitcoin and Ethereum. After forming a strong base above the $470 level, BNB cleared several key resistance zones, including $488 and $500, before testing $525.

At its peak, BNB reached $526, but it has since undergone a downside correction, slipping below the $520 mark. This pullback brought the price just under the 23.6% Fibonacci retracement level of the upward move from the $471 swing low to the $526 high. Additionally, a break occurred below a crucial bullish trend line with support at $517 on the hourly chart of the BNB/USD pair, though the price is still trading above $510 and the 100-hour simple moving average.

If bulls manage to regain control, BNB could encounter resistance near the $518 level, followed by the $525 resistance zone. A decisive break above the $525 level may set the stage for further gains, potentially pushing the price to test the $535 resistance level in the near term.

On the flip side, if BNB fails to clear the $525 resistance, the price could face renewed selling pressure. Immediate support is found near $510, with stronger support resting at the $500 level. If BNB breaks below the $500 pivot, the next major support lies at $492. Further losses could drive the price toward the $470 level, with a more significant decline potentially leading to a dip near $450.

Technical indicators provide mixed signals. The hourly MACD for BNB/USD is showing signs of losing bullish momentum, while the Relative Strength Index (RSI) is holding above the 50 level, indicating that bulls still have room to defend key support levels.

In summary, while BNB is holding above the $500 level for now, the ability to break above $525 will be crucial in determining whether the bullish momentum can continue or if a deeper correction is in store.

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