The BNB price temporarily fell short of the $605 mark, but it’s currently stabilizing above the crucial $588 support. It could potentially make another upward push soon.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading below $600 and the 100-hourly simple moving average.
- There is a key 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 Could Regain Traction
Following a noticeable increase, the BNB price encountered resistance around the $612 area, forming a rejection pattern similar to Ethereum and Bitcoin. A peak was reached at $611, after which the price began a decline.
As a crypto investor, I noticed a significant drop below the $605 and $600 price points. The value briefly fell below $592 before the bulls emerged close to $590. A low was established at $591 and now, we’re seeing consolidation. Interestingly, the price has moved above the $598 level and also surpassed the 23.6% Fibonacci retracement level of the downward swing from the $611 high to the $591 low.
Currently, the price is dipping below the $600 mark and also falling short of its 100-hour moving average. Should there be a new surge in price, it might encounter resistance at approximately $602 or the 50% Fibonacci retracement level of the downward trend from the $611 peak to the $591 trough.
In simpler terms, if the BNB price breaks through the $610 barrier and moves upward, it could potentially reach $620. If it manages to close above $620, it might indicate a larger rise towards $632. Further gains could lead us to expect a possible test of the $650 mark in the immediate future.
More Losses?
As a researcher analyzing Binance Coin (BNB), if it’s unable to surpass the $605 resistance, there’s a potential for another downtrend. Should this occur, initial support may be found around the $592 mark. If BNB continues to decline, a more significant level of support could emerge near $588.
If the key support level at $588 gives way and the price falls below $580, it might trigger a descent towards the next support at $575. Further declines could potentially spark a more significant drop that extends to around $565.
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 – $592 and $588.
Major Resistance Levels – $605 and $612.
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2024-10-22 09:05