BNB price started a recovery wave from the USD 585 support zone. The bulls need to leave the USD 600 resistance zone to push the price to a positive zone in the short term.
- The BNB price extended losses and tested the $585 support zone.
- The price is now trading below $600 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $595 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair could start a new rise if it remains above the $585 support.
BNB price holds support
After a decent rise, BNB price struggled near the USD 615 resistance. As a result, there was a bearish reaction below the $600 support, such as Ethereum and Bitcoin.
The price fell below the $595 support and the 100 simple moving average (4 hours). It was trading as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.
There was a break above a key bearish trendline with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active around 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 $600 and the 100-hour moving average. The immediate resistance is near the USD 600 level. The next resistance is near the $602 level.
A clear move above the $602 zone could send the price higher. In the said case, BNB price could test $615. A close above the USD 615 resistance could set the pace for a bigger rise towards the USD 620 resistance. Any further gains could require a test of the $632 level in the coming days.
Lose more?
If BNB fails to clear the $600 resistance, the price may continue to decline. The initial downside support is near the $592 level and the trendline.
The next major support is near the $585 level. The main support is at $572. If there is a downside break below the USD 572 support, the price could fall towards the USD 560 support. Any further losses could trigger a bigger decline towards the $550 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 – USD 585 and USD 572.
Major resistance levels – $600 and $602.