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BNB price corrected gains below the $580 level. The price is now recovering higher and facing hurdles near the $590 resistance zone.
BNB price started a downside correction from the $600 resistance zone.
The price is now trading below $590 and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $590 level to start another increase in the near term.
BNB Price Aims Fresh Increase
After struggling above $605, BNB price saw a downside correction. The price dipped below the $590 and $585 support levels like Ethereum and Bitcoin.
There was a move below the $580 and $575 levels. The price even dipped below $572 before the bulls appeared near $590. A low was formed at $565 and the price is now correcting losses. It climbed above the $575 level and the 50% Fib retracement level of the downward move from the $598 swing high to the $565 low.
There was a break above a connecting bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair. The price is now trading below $590 and the 100-hourly simple moving average.
If there is a fresh increase, the price could face resistance near the $590 level or the 76.4% Fib retracement level of the downward move from the $598 swing high to the $565 low.
The next resistance sits near the $598 level. A clear move above the $598 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term.
Another Decline?
If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $585 level. The next major support is near the $582 level.
The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 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 near the 50 level.
Major Support Levels – $585 and $582.
Major Resistance Levels – $590 and $598.
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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.
