BNB Price Targets $600 as Bulls Attempt to Regain Control
BNB price experienced a correction below the $580 mark but is now showing signs of recovery as it approaches the $590 resistance line.
- BNB price saw a correction after reaching the $600 resistance level.
- The price is currently trading below $590 and the 100-hour simple moving average.
- A bearish trend line was broken with resistance at $585 on the BNB/USD hourly chart (data sourced from Binance).
- The pair must stay above $590 to initiate another increase in the near future.
BNB Price Aims for a Fresh Increase
After struggling to maintain momentum above $605, BNB price underwent a correction. It fell below the $590 and $585 support levels similar to Ethereum and Bitcoin.
The price even dipped below $572 before finding support around $590. A low point was established at $565, and the price is now recovering. It has surpassed the $575 level and the 50% Fibonacci retracement level of the downward movement from the $598 swing high to the $565 low.
A bearish trend line was broken with resistance at $585 on the BNB/USD hourly chart. The price is currently trading below $590 and the 100-hourly simple moving average.
In the event of a fresh increase, the price could encounter resistance near the $590 level or the 76.4% Fibonacci retracement level of the downward movement from the $598 swing high to the $565 low.
The next resistance lies near the $598 level. A decisive break above this zone could push the price higher, potentially testing $605. If the $605 resistance is breached, BNB price could see a larger move towards the $620 resistance level. Further gains may lead to a test of the $632 level in the near future.
Risk of Another Decline
If BNB fails to break through the $590 resistance, another decline may occur. Initial support on the downside can be found near the $585 level, followed by major support at around $582.
The main support level is situated at $572. A downside break below this level could lead to a drop towards the $565 support. Further losses may trigger a larger decline towards the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is showing a decrease in bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently around the 50 level.
Major Support Levels – $585 and $582.
Major Resistance Levels – $590 and $598.