As a researcher with experience in cryptocurrency market analysis, I believe that BNB price is currently facing downside pressure after failing to break above the resistance at $585. The price has dipped below key support levels, including the 100 simple moving average (4 hours) and the hourly trend line, which is now providing support near $570.
The BNB price experienced a decline after reaching the $585 mark. In order for it to resume an upward trend, it is crucial that it maintains a value above $570.
- BNB price started a fresh decline after it failed to clear the $585 resistance zone.
The price is now trading below $580 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $570 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 $570 support.
BNB Price Holds Support
I’ve observed a notable rise in BNB‘s price, but it encountered resistance around $585. Consequently, this development triggered a bearish response, causing the price to drop below the $580 support level, similar to what happened with Ethereum and Bitcoin.
The price dropped beneath the $575 mark, which served as both support and the 4-hour simple moving average. It reached a low of $571, but is now stabilizing. Moreover, an important uptrend line is emerging on the hourly chart for BNB/USD, with a supportive level around $570.
I analyzed the price chart and noticed a slight uptick above the $575 mark. This rise surpassed the 23.6% Fibonacci retracement level, which is calculated from the drop in price ranging between the $586 peak and the $571 trough. At present, the value hovers below the $580 threshold and the 100-simple moving average (SMA) on the 4-hour timeframe.
As a crypto investor, I’m keeping an eye on the resistance levels for my current investment. The first barrier lies around the $578 mark or the 50% Fibonacci retracement point of the recent price drop from the high of $586 to the low of $571. Once we surpass this hurdle, the next challenge will be at the $582 level.
If the price surpasses the $582 mark with ease, it could lead to a rise in BNB‘s value. In this scenario, the price may reach as high as $588. Breaking through the resistance at $588 could pave the way for further growth, potentially pushing the price toward the $600 resistance. Any additional gains might result in a challenge of the $612 level in the near future.
More Losses?
As a crypto investor, if BNB doesn’t manage to break above the $582 resistance, I would anticipate further price drops. The initial floor for BNB could be around the $572 mark and the trendline.
The next major support is near the $562 level. The main support sits at $550. If there is a downside break below the $550 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $525 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 – $572, $562, and $550.
Major Resistance Levels – $582, $588, and $600.
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2024-05-20 06:22