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BNB price started a recovery wave from the $585 support area. The bulls must break above the $600 resistance area to push the price into positive territory in the near term.
- BNB price extended its losses and tested the $585 support area.
- The price is now trading below the $600 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could start a new increase if it remains above the $585 support level.
BNB price maintains support
After a good increase, BNB price faced difficulties near the $615 resistance level. As a result, there was a bearish reaction below the $600 support level Ethereum And Bitcoin.
The price fell below the $595 support level and the 100 simple moving average (4-hours). It traded as low as $586 and recently started a rally. There was a move above the $595 resistance area, the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.
There was a break above the major downtrend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low.
The price is now trading below the $600 level and the 100 hourly simple moving average. Immediate resistance is near the $600 level. The next resistance is near the $602 level.
A clear move above the $602 area could send the price higher. In the mentioned case, BNB price could test the $615 level. A close above the $615 resistance could set the pace for a larger increase towards the $620 resistance. Any further gains may require a test of the $632 level in the coming days.
More losses?
If BNB fails to cross the $600 resistance level, it may continue to move lower. Initial support on the downside is near the $592 level and the trend line.
The next major support is near the $585 level. Major support is at $572. If a downside breakout occurs below the $572 support level, the price could fall towards the $560 support level. Any further losses could lead to a bigger decline towards the $550 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key Support Levels – $585 and $572.
Major resistance levels – $600 and $602.
