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.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
