BNB Price Begins Recovery Attempt: Can the Rebound Sustain?
BNB price has initiated a recovery phase after finding support around the $585 mark. However, the bulls will need to overcome resistance at $600 to establish a positive trend in the short term.
Key Highlights:
– BNB price experienced losses and tested the $585 support level.
– Currently, the price is trading below both $600 and the 100-hourly simple moving average.
– A crucial bearish trend line at $595 was breached, indicating a potential reversal for the BNB/USD pair.
– Should it stay above the $585 support level, the pair could witness further upside momentum.
BNB Price Maintains Support:
Following a promising surge, BNB price struggled to break through the $615 resistance level, resulting in a bearish retreat similar to Ethereum and Bitcoin.
The price dipped below both the $595 support level and the 100 simple moving average (4 hours), reaching a low of $586 before initiating a recovery attempt. A push above the $595 resistance zone, along with the 23.6% Fibonacci retracement level from the swing high of $613 to the low of $586, was observed.
Furthermore, a significant bearish trend line at $595 on the hourly chart of the BNB/USD pair was breached. However, the bears remained active near the $600 level or the 50% Fibonacci retracement level from the swing high of $613 to the low of $586.
Currently, the price is trading below $600 and the 100-hourly simple moving average, with immediate resistance near the $600 level and further resistance at the $602 level.
Potential for Further Upside:
A break above the $602 zone could potentially propel the price higher. In such a scenario, BNB price might test $615, with a close above the $615 resistance level potentially setting the stage for a larger increase towards $620. Any additional gains could then open the way for a test of the $632 level in the coming days.
Possibility of Extended Losses:
Failure to overcome the $600 resistance level could result in further downward movement. Initial support on the downside lies near the $592 level and the aforementioned trend line.
If the price continues to decline, the next major support level can be found near $585, with the main support sitting at $572. A downside break below this crucial support at $572 could lead to a drop towards the $560 support level, and further losses might trigger a larger decline towards $550.
Technical Indicators:
The hourly MACD for BNB/USD is currently displaying decreasing momentum within the bearish zone. Additionally, the hourly RSI (Relative Strength Index) for BNB/USD is presently below the 50 level.
Key Support Levels:
$585 and $572
Key Resistance Levels:
$600 and $602