The BNB price is climbing back up from the $400 support level, but it’s currently encountering obstacles near $490 and could potentially fall again.
- BNB price started a recovery wave from the $400 support zone.
The price is now trading below $500 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $490 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could start another decline if it fails to clear the $490-$500 resistance zone.
BNB Price Faces Key Hurdles
Over the last several days, I’ve noticed a downward trend in the price of BNB, dipping below the $500 mark, much like Ethereum and Bitcoin. The price plunged beneath the protective barriers at $450 and $435 before the bulls resurfaced.
A dip occurred at $403, but the price has since begun an upward trend. It surpassed the obstacles at $435 and $440, and also went beyond the 23.6% Fibonacci retracement level of the decline from the peak of $576 to the trough of $403.
It even cleared the $465 resistance. The price is now trading below $500 and the 100-hourly simple moving average. It is now consolidating near the 50% Fib retracement level of the downward move from the $576 swing high to the $403 low.
positively speaking, the price might encounter a potential barrier close to the $490 mark. Moreover, a significant downward trendline appears to be shaping up on the hourly BNB/USD chart, with the $490 level serving as this line’s resistance point.
Moving forward, the potential barrier lies around the $500 region. If the price manages to surpass this point convincingly, it could potentially push the BNB price upwards towards approximately $515. A successful break above the $515 resistance could pave the way for a more significant climb towards the $540 barrier. Further gains might lead us to anticipate a test of the $550 mark in the immediate future.
Another Decline?
If BNB doesn’t manage to surpass the $500 barrier, there’s a possibility of another price drop. A potential floor in this scenario might be around $465. Should the price continue to fall, significant support could be found at approximately $450.
As an analyst, I find that the key resistance lies at around $435. Should a downtrend push prices beneath this support level at $435, we might see a potential fall toward the next support at $420. Any further losses may trigger a more significant decline, potentially leading us to the $400 mark.
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 above the 50 level.
Major Support Levels – $465 and $450.
Major Resistance Levels – $490 and $500.
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2024-08-06 08:12