As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility. The recent dip in BNB price below the $585 support level is a cause for concern, especially after it failed to break above the $600 resistance zone.
As a market analyst, I observe that BNB‘s price trend appears bearish as it hovers below the $600 mark. To regain bullish momentum, the price needs to overcome the resistance levels at $575 and $585.
- BNB price started a fresh decline after it failed to clear the $600 resistance zone.
The price is now trading below $585 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $585 resistance zone.
BNB Price Dips Again
Following a notable rise, the value of BNB encountered resistance around the $600 mark, leading to a downward trend below the $585 support level. This pattern mirrored the behavior of Ethereum and Bitcoin as well.
The cost slipped beneath the $575 mark, which serves as both support and the 4-hour simple moving average. It reached a low of $561 before consolidating its losses. A slight uptick occurred above the $565 threshold. The price touched the 23.6% Fibonacci retracement level during the downward trend from the $600 peak to the $561 trough.
The price of BNB against the US dollar is currently dipping below the $585 mark and the 100-simple moving average (SMA) on the 4-hour chart. At present, the resistance lies at the $575 level. Additionally, a significant bearish trend line has emerged on the hourly chart of the BNB/USD pair, with resistance around the same $575 mark.
One way to rephrase this in a more conversational and clear manner: The price may encounter its next obstacle around the $585 mark or at the 61.8% Fibonacci retracement point, which stands at approximately $585, following the decline from the peak of $600 to the low of $561. A decisive break above the $585 barrier could potentially lead to further price increases.
As a crypto investor, if the situation holds, I believe the BNB price may challenge the $600 mark. Breaking above this resistance could pave the way for further growth towards the $650 resistance. If we manage to surpass that level, we might encounter resistance at $680 in the near future.
More Losses?
Should BNB fall short of breaking past the $575 resistance, there’s a possibility it may carry on descending. The first line of defense on the downside lies around the $560 mark.
As a crypto investor, I’m keeping a close eye on the market and have identified two crucial support levels for my investment. The first one is located around $550, which I consider the next major support. If the price starts to slide downwards, the second support comes into play at $532. A break below this level might trigger a further decline towards the $510 support. Should the price continue to drop, it could potentially lead us to test the $500 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 – $565, $550, and $532.
Major Resistance Levels – $575, $585, and $600.
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2024-05-15 09:22