As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. Today, we find ourselves analyzing the BNB price movement. After a promising rally, BNB seems to have corrected gains below the $600 level, which is not uncommon in this volatile market.
The BNB price has temporarily dropped, falling short of the $600 mark. Currently, it’s maintaining a crucial support at $565, potentially poised for another rise.
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BNB price started a downside correction from the $620 resistance zone.
The price is now trading below $590 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $565 level to start another increase in the near term.
BNB Price Extends Rally
Upon a significant surge, I observed that the BNB price encountered resistance in the vicinity of $620. A peak was established at $618, and subsequently, there was a decline in price similar to what Ethereum and Bitcoin experienced.
Initially, the price dropped below both $600 and $590, reaching as low as $580. However, the bulls emerged close to $565, causing a low to be established at $564. Now, the price is increasing and has surpassed $570, moving towards the 23.6% Fibonacci retracement level of the downward trend from the peak at $618 to the trough at $564.
Currently, the price is dipping under $585 and just below its 100-hour moving average. Should it experience another rise, potential obstacles might arise around the $580 mark. The next significant resistance can be found close to the $585 level.
On the hourly chart for BNB/USD, a bearish trend line is shaping up with resistance at approximately $585. If the price manages to break above this level, it might surge higher. If that happens, the BNB price could potentially reach $600 or even touch the 61.8% Fibonacci retracement level of the downward move from the peak of $618 to the low of $564, which is approximately $597.
Moving above $600 could initiate a bigger advance toward the $620 resistance. If prices continue to rise, it may prompt a short-term challenge at the $650 mark.
More Losses?
If BNB doesn’t manage to break through the $585 barrier, there might be a continuation of its descent. A potential first line of defense lies around the $570 mark. Should it fall further, the next significant support could be found near $565.
If the primary backing holds firm at approximately $550, any fall below this point might cause the value to descend toward the $532 secondary support. Further declines could potentially spark a larger dip heading towards the $520 region.
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 near the 50 level.
Major Support Levels – $565 and $550.
Major Resistance Levels – $585 and $600.
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2024-10-01 08:46