BNB/USD: Bullish Momentum Builds, Eyes on $730 Target

BNB/USD gained slightly after forming a minor bottom around $584.40. It hit a high of $612.40 at the time of writing and is currently trading around $610.80.

Overall bias remains bullish as long as support of $500 holds. It trades above the 34 and 55 EMA on the 4-hour chart. Near-term support is around $560, any breach below targets $50.  If the pair closes below $500, potentially leading to further declines towards $400.

Immediate Resistance is at $622. A successful breakout above this resistance could suggest bullish momentum, with further gains possible towards $645/ $678/$700/$730.

Indicators (4-Hour Chart)

• Directional Movement Index: Bullish
   
• CCI (50): Bullish

Trading Strategy

It is good to buy on dips around $600 with a stop-loss set at $540 and a target price of $730/$1000.