BNB Price Launches Recovery Bid: Will the Bounce Hold?
BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term.
- BNB price extended losses and tested the $585 support zone.
- The price is now trading below $600 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it stays above the $585 support.
BNB Price Holds Support
After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin.
The price dipped below the $595 support and the 100 simple moving average (4 hours). It traded as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.
There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low.
The price is now trading below $600 and the 100-hourly simple moving average. Immediate resistance is near the $600 level. The next resistance sits near the $602 level.
A clear move above the $602 zone could send the price higher. In the stated case, BNB price could test $615. A close above the $615 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days.
More Losses?
If BNB fails to clear the $600 resistance, it could continue to move down. Initial support on the downside is near the $592 level and the trend line.
The next major support is near the $585 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $560 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 bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BNB/USD is currently below the 50 level.
Major Support Levels $585 and $572.
Major Resistance Levels $600 and $602.
Source: NewsBTC.com
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