BNB Price Aims To Reclaim $600: Will The Bulls Succeed?

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen more market fluctuations than I care to remember. The current BNB price correction below the $580 level is a familiar sight, but it doesn’t deter me.

The BNB price has temporarily dropped, falling short of the $580 mark. However, it’s currently attempting to climb higher but encountering obstacles around the $590 resistance point.

  • 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

Following a period of increased resistance over $605, the BNB price experienced a dip in value. This decline took the price beneath the $590 and $585 price floors, similar to what happened with both Ethereum and Bitcoin.

Initially, the price dropped below both $580 and $575 support levels, falling as low as $572. However, just shy of $590, the bulls emerged, leading a recovery that saw the price form a low at $565. Presently, the price is reversing its losses, having surpassed the $575 level and the 50% Fibonacci retracement line of the decline from the peak at $598 to the trough at $565.

On the BNB/USD chart, there was a break above a bearish trend line with a resistance level at approximately $585 (on an hourly basis). Currently, the price is hovering below $590 and is also lower than the 100-hour moving average.

If we see a new rise in prices, they might encounter resistance around the $590 mark or at the 76.4% Fibonacci retracement point of the price drop from the $598 peak to the $565 trough.

The price may encounter its next hurdle around $598. If it successfully surges past this zone, we could see the price rising further, potentially reaching $605. A successful close above $605 could initiate a bigger move towards the resistance at $620. Any additional growth might prompt the price to challenge the $632 level in the upcoming period.

Another Decline?

If BNB doesn’t manage to break through the $590 barrier, there’s a possibility of another drop. The first significant support might be found around $585. A more substantial support level can be expected at approximately $582.

If the price falls below the key support at $572, it might head down towards the secondary support at $565. Further declines could trigger a bigger fall to the $550 area.

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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2024-10-28 08:10