Intraday Outlook - Bullish
Key Level to Watch: $550
A close above $620 would confirm a continuation of the bullish trend.
BNB/USD is demonstrating a strong upward trend for the second week in a row, having hit a high of $605 and currently trading at approximately $591.20. The pair has gained over 50% since its recent low of $403.
The momentum remains positive, with prices staying above the 34 and 55 EMA on the 4-hour chart. To maintain the bullish trend, a close above $620 is essential, while falling below $551 could indicate a bearish reversal. Near-term support is located at $570; if this level fails, possible downside targets include $550, $540, $528, $500, and $470.
Resistance is currently at about $605, and a breakout above this level would suggest minor bullish momentum. If the price breaks through $620, further increases to $647 or even $700 may follow, with the potential to reach $800 if it surpasses $725.
Indicators (4-hour chart)
- Directional Movement Index: Neutral
- CCI (50): Bullish
It is advisable to buy on dips near $560 with a stop-loss at $528 and a target price of $700.
