As an experienced analyst, I have been closely monitoring the price movements of BNB. The recent recovery wave from the $585 support zone is a positive sign for the bulls, but they must clear the $600 resistance zone to push the price into a more positive zone in the near term.
As an analyst, I’ve observed that BNB‘s price has initiated a bounce-back from the support level of $585. To propel the price upward in the short term, it is essential for the bulls to surmount the resistance at $600.
- BNB price extended losses and tested the $585 support zone.
The price is now trading below $600 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $595 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 $585 support.
BNB Price Holds Support
Following a notable rise, the BNB price encountered resistance around the $615 mark. Consequently, a bearish trend emerged as the price fell beneath the $600 support level, similar to Ethereum and Bitcoin.
The price fell beneath the $595 support and the 4-hour simple moving average, reaching a low of $586. Following this, there was a noticeable uptrend. The resistance at $595 was surpassed, along with the 23.6% Fibonacci retracement level marking the downward slide from the peak of $613 to the trough of $586.
On the hourly chart of the BNB/USD pair, the trend line that had previously acted as strong resistance at $595 was breached, indicating a potential shift in market sentiment. Nevertheless, bears remained active and showed signs of renewed strength around the $600 mark or the 50% Fibonacci retracement level of the decline from the $613 peak to the $586 trough.
As a crypto investor, I’m observing that the current price is currently hovering beneath the $600 mark and falls short of my 100-hour moving average. The immediate hurdle for the price lies at the $600 level. Beyond this resistance, there exists another barrier around $602.
If the price breaks clearly past the $602 mark, it could potentially lead to an upward trend. In this scenario, the Binance Coin (BNB) price may reach towards the next resistance at $615. Overcoming the $615 resistance with a closing price above this level could pave the way for further growth, possibly pushing the price towards the next resistance at $620. Further gains might result in a challenge to the $632 level in the near future.
More Losses?
Should BNB be unable to surpass the $600 threshold, there’s a possibility it may carry on descending. The first point of defense against potential losses lies around the $592 mark and the trendline.
The price may find its next significant cushion around $585. Meanwhile, the primary support is situated at $572. Should the price fall beneath this support level, it could trigger further declines towards the $560 mark. Any additional losses might lead to a more substantial decrease, potentially reaching the $550 point.
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 – $585 and $572.
Major Resistance Levels – $600 and $602.
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2024-05-31 06:04