BNB Price Eyes Breakout, But $600 Remains A Stubborn Ceiling

BNB price is recovering from the $575 support zone. The price is now consolidating gains and might face hurdles near $585 and $600.

• BNB price is attempting to recover above the $580 resistance zone.

• The price is now trading below $585 and the 100-hourly simple moving average.

• There is a connecting bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).

• The pair must stay above the $575 level to start another increase in the near term.

BNB Price Faces Resistance

After struggling to clear the $595 resistance, BNB price started a fresh decline. There was a move below the $590 and $585 levels, like Ethereum and Bitcoin.

A low was formed at $576 and the price is now attempting to recover. There was a move above the $580 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $594 swing high to the $576 low.

The price is now trading below $585 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $585 level. There is also a connecting bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair.

The next resistance sits near the $588 level and the 61.8% Fib retracement level of the downward move from the $594 swing high to the $576 low. A clear move above the $588 zone could send the price higher. In the stated case, BNB price could test $595. A close above the $595 resistance might set the pace for a larger move toward the $600 resistance. Any more gains might call for a test of the $620 level in the near term.

Another Decline?

If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $580 level. The next major support is near the $575 level.

The main support sits at $562. If there is a downside break below the $562 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $535 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $580 and $575.

Major Resistance Levels – $585 and $595.