The BNB price started a downward correction from the $585 zone. The price must remain above $570 to make another increase in the short term.
- BNB price started declining again after it failed to break the USD 585 resistance zone.
- The price is now trading below $580 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $570 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair could start a new rise if it remains above the $570 support.
BNB price holds support
After a decent rise, BNB price struggled near the USD 585 resistance. As a result, there was a bearish reaction below the support of $580, such as Ethereum and Bitcoin.
The price fell below the $575 support and the 100 simple moving average (4 hours). It was trading as low as $571 and is currently consolidating losses. There is also a major bullish trendline forming with support around $570 on the hourly chart of the BNB/USD pair.
There was a small upward move above the USD 575 level. The price cleared the 23.6% Fib retracement level of the downward move from the $586 swing high to the $571 low. It is now trading below $580 and the 100 simple moving average (4 hours).
Immediate resistance is near the $578 level or the 50% Fib retracement level of the downward move from the $586 swing high to the $571 low. The next resistance is near the $582 level.
A clear move above the $582 zone could send the price higher. In the said case, BNB price could test $588. A close above the USD 588 resistance could set the pace for a bigger rise towards the USD 600 resistance. Any further gains could require a test of the $612 level in the coming days.
Lose more?
If BNB fails to clear the resistance at $582, the price may continue to decline. The initial downside support is near the $572 level and the trendline.
The next major support is near the $562 level. The main support is at $550. If there is a downside break below the USD 550 support, the price could fall towards the USD 532 support. Any further losses could trigger a bigger decline towards the $525 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – $572, $562 and $550.
Major resistance levels – $582, $588 and $600.