As a seasoned researcher with years of experience in the crypto market, I can see that BNB price has taken a dip, correcting its gains from the $612 level. The current bearish signs suggest that the price might not sustain above this resistance for now.
BNB price corrected gains from the $612 level. The price is now showing a few bearish signs while Bitcoin and Ethereum eye additional gains.
- BNB price started a downside correction from the $612 resistance zone.
- The price is now trading below $595 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance 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 Dips Again
Following difficulties exceeding $612, the BNB price experienced a drop in value. It fell beneath the resistance levels of $605 and $600, unlike Ethereum and Bitcoin which held their ground at these points.
The price dropped below the $598 and $595 support levels, going as low as it did even below the 23.6% Fibonacci retracement level from the price rise stemming from the $565 swing low to the $612 high. Furthermore, a bearish trend line is emerging with resistance at $595 on the hourly chart of the BNB/USD pair, suggesting further potential downward movement.
Currently, the price is dipping under $595 and also below the 100-hour simple moving average. If a new rise occurs, the price may encounter resistance around the $595 mark or the trendline.
In simpler terms, if the price of BNB manages to break past the $600 mark, it could potentially rise further. This increase could take the price up to around $612 initially. If the price closes above $612, it might indicate a larger surge towards the next resistance at $620. Further gains could lead to a test of the $632 level soon after.
More Losses?
If BNB doesn’t manage to surpass the $595 barrier, it might trigger another price drop. The initial support in case of a decline can be found around the $590 mark. Subsequent significant support lies either at the $588 level or at the 50% Fibonacci retracement point of the upward trend from the $565 low to the $612 high.
As an analyst, I’ve identified a key support level at $576. Should the price breach this level and fall, it may descend towards the secondary support at $565. Further declines beyond that could potentially trigger a more substantial drop towards the $550 mark.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $588 and $576.
Major Resistance Levels – $595 and $600.
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2024-10-31 09:06