As a seasoned crypto investor with over a decade of market experience, I find myself closely watching BNB‘s current price action. After a brief rally to test the $600 resistance, it seems we’re back to familiar territory – consolidation around the $550 support zone.
The BNB price is finding difficulty in staying above the $550 support level, but a new upward trend might begin once it overcomes the $560 resistance point.
- BNB price started a fresh decline from the $592 resistance zone.
The price is now trading below $565 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $560 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bullish momentum if it clears the $560-$562 resistance zone.
BNB Price Eyes Recovery
Initially finding it tough to surpass the $600 barrier, the value of BNB then began a new downward trend similar to Ethereum and Bitcoin. This descent broke through the support at $585 and $572, and even dipped below the $560 mark.
Ultimately, the cost stabilized around $548. A minimal point was reached at $547 and the price is currently holding steady, recovering from losses. Additionally, a bearish trend line is emerging with resistance at $560 on the hourly chart of the BNB/USD pair, suggesting potential further downward movement.
Currently, the pair’s trade value has dipped under $565 and falls below its 100-hour moving average. Should a recovery spike occur, the price may encounter resistance around $558 and the trend line, which is not far from the 23.6% Fibonacci retracement mark of the downward trajectory from the $592 peak to the $547 trough.
Moving forward, a significant resistance point can be found around the $562 mark. If we observe a decisive break above this area, it might push the BNB price upward. In such a scenario, the BNB price may potentially reach the $570 mark or the 50% Fibonacci retracement level of the decline from the peak at $592 to the trough at $547.
Approaching a level slightly above $570 could initiate a significant rise towards the $585 barrier. Further advancements may prompt a near-term evaluation at the $592 mark.
More Downsides?
Should BNB not manage to break through the $560 barrier, a further drop might ensue. A potential first line of defense on the lower end is around $550. The subsequent key support zone lies at approximately $548.
If the key support level of $542 gets breached on the downside, it might trigger a fall in price towards the next potential support at $530. Further declines could lead to a bigger downtrend that may reach the $515 mark.
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 – $550 and $548.
Major Resistance Levels – $560 and $570.
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2024-08-27 09:04