As a seasoned analyst with years of experience tracking the crypto market, I see the BNB price holding strong above the $580 level, indicating resilience and potential for growth. The bullish trend line forming at $595 offers additional support, hinting that the price might aim for a fresh increase above the $605 level. However, it’s important to note that the resistance at $612 remains formidable, as seen with Ethereum and Bitcoin.
The BNB price found it challenging to remain above the $600 area, but it’s holding steady as it gathers strength for a potential surge beyond $605.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading above $590 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $588 level to start another increase in the near term.
BNB Price Holds Support
Following a rise above $585, the BNB price continued to climb further. Yet, advancements beyond $610 were restricted, keeping the price from surging like Ethereum or Bitcoin did.
Below both $605 and $600, the price took a drop, even falling beneath the 23.6% Fibonacci retracement line, which marks the downward pullback from the $543 trough to the $611 peak. Yet, the current trend shows the price maintaining its upward momentum above the $580 mark.
Currently, the price for this pair is hovering above $595, surpassing its 100-hour moving average. Additionally, there’s an emerging bullish trend line linking up at $595 on the hourly chart of the BNB/USD pair, indicating potential support at that price level.
If there’s a new rise in the price, it may encounter obstacles around the $605 mark. Further potential resistance lies near $612. Breaking through the $612 area could lead to further increases, potentially taking the price up to the $620 level. Overcoming the $620 barrier might initiate a larger ascent towards the $632 resistance. Any additional growth may prompt a challenge at the $650 mark in the short term.
More Losses?
If BNB doesn’t manage to surpass the $605 barrier, it might trigger another drop. The first line of defense on the downside lies around the $595 mark and also at the trendline. A more substantial support can be found near the $578 level or the 50% Fibonacci retracement point of the upward journey from the $543 low to the $611 high.
If the price falls below the $570 level, acting as our primary support, it might lead to a further decrease in price, potentially reaching the $560 support. Further declines could trigger a more substantial drop, possibly taking us down to 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 below the 50 level.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.
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2024-11-08 08:10