BNB Price Faces More Downside—Can Bulls Step In?

BNB price is recovering from the $588 support zone. The price is now correcting gains and might struggle to stay above the $600 support.

• BNB price is attempting to recover above the $600 resistance zone.
• The price is now trading below $610 and the 100-hourly simple moving average.
• There is a short-term declining channel forming with resistance at $610 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair must stay above the $600 level to start another increase in the near term.

BNB Price Faces Resistance

After forming a base above the $588 level, BNB price started a fresh increase. There was a move above the $600 and $610 resistance levels. It even recovered above the $615 level before the bears appeared, like Ethereum and Bitcoin.

A high was formed at $618 and the price is now correcting gains. There was a move below the $615 level. The price dipped below the 50% Fib retracement level of the upward move from the $587 swing low to the $618 high.

There is also a short-term declining channel forming with resistance at $610 on the hourly chart of the BNB/USD pair. The price is now trading below $610 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $610 level.

The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $618. A close above the $620 resistance might set the pace for a larger move toward the $626 resistance. Any more gains might call for a test of the $635 level in the near term.

Another Decline?

If BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $600 level. The next major support is near the $598 level and the 61.8% Fib retracement level of the upward move from the $587 swing low to the $618 high.

The main support sits at $594. If there is a downside break below the $594 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 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 – $600 and $598.

Major Resistance Levels – $610 and $618.