BNB Price Struggles to Hold $500: Is a Breakout Coming?
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BNB price is struggling to stay above the $500 support zone. The price could gain bearish momentum if there is a close below the $500 support.
BNB price started a fresh decline from the $540 resistance zone.
The price is now trading below $520 and the 100-hourly simple moving average.
There is a short-term rising channel forming with support at $500 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bearish momentum if it settles below the $500 support zone.
BNB Price Dips Again
After struggling to test the $540 resistance, BNB price started a fresh decline like Ethereum and Bitcoin. The price declined below the $532 and $520 support levels. There was also a move below $510.
Finally, the price found support at $495. A low was formed at $496 and the price is now consolidating losses. There is also a short-term rising channel forming with support at $500 on the hourly chart of the BNB/USD pair. The pair is now trading below $525 and the 100-hourly simple moving average.
If there is a recovery wave, the price could face resistance near the $518 level. It is close to the 50% Fib retracement level of the downward move from the $538 swing high to the $496 low.
The next resistance sits near the $522 level or the 61.8% Fib retracement level of the downward move from the $538 swing high to the $496 low. A clear move above the $522 zone could send the price higher. In the stated case, BNB price could test $535.
A close above the $535 resistance might set the pace for a larger increase toward the $540 resistance. Any more gains might call for a test of the $550 level in the near term.
More Downsides?
If BNB fails to clear the $522 resistance, it could start another decline. Initial support on the downside is near the $500 level. The next major support is near the $496 level.
The main support sits at $488. If there is a downside break below the $488 support, the price could drop toward the $465 support. Any more losses could initiate a larger decline toward the $450 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $500 and $496.
Major Resistance Levels – $518 and $522.
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* 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.
