BNB surpasses $600, is this the start of a big surge? This is what analysts say!

Jakarta, Pintu News – After successfully maintaining a position above the $580 level, BNB prices are now showing significant upward movement. By successfully breaking the $595 and $600 resistances, similar to what happened to Bitcoin (BTC) and Ethereum (ETH), BNB seems ready to continue its positive trend.

BNB Price Strengthening

BNB’s recent price increase suggests that there is further potential for upside. After successfully passing the $610 level, the price briefly touched a peak at $620 before experiencing a small correction. This correction did not last long, and the price stabilized back above $600 and above the 100-hourly simple moving average.

There is also a bullish trend line forming with support at $611 on the hourly chart of the BNB/USD pair. Under these conditions, the closest resistance that the price may face is around $618. If the price can break the $620 zone, this could be a trigger for further gains towards $635. Closing above the $635 resistance could open up opportunities towards $650, and if this momentum continues, the price could reach $665 in the near future.

Also Read: Gold or Bitcoin: Which is a Safe Investment Amid US-China Tensions?

Potential Price Drop

However, if BNB fails to break the $620 resistance, there is a possibility that the price will decline again. Initial support lies near $611, followed by key support at $607, which is also the 50% retracement of the move up from $594 to $620. Key support is at $600, and if the price manages to break below this, BNB may drop towards $585, and further declines could lead to the $580 level.

Technical Indicators

The hourly MACD (Moving Average Convergence Divergence) indicator for BNB/USD shows increased momentum in the bullish zone. Meanwhile, the RSI (Relative Strength Index) is currently above the 50 level, signaling greater market strength on the buyers’ side.

The key supports to watch are $611 and $607, while the key resistances are $618 and $620. These indicators suggest that BNB is still in relatively strong shape to continue its uptrend.

Conclusion

Given the current market conditions and support from technical indicators, BNB shows strong potential to continue its price rise. Investors and market watchers should continue to monitor crucial support and resistance levels to make informed investment decisions in the future.

Also Read: Polkadot (DOT) Preparing to Surpass Resistance, Is it Time to Buy?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. BNB Price Reclaims $600. Accessed on April 23, 2025
• Featured Image: Generated by AI