BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles?

As a researcher, I have been closely monitoring the price movements of BNB. Based on my analysis, it appears that BNB is showing signs of recovery after hitting a support level at $550. The price has managed to surpass the resistance levels of $565 and $575, and is now trading above the 100-hourly simple moving average.

As an analyst, I’ve observed that BNB‘s price has initiated a rebound from its support at $550. Currently, the price action is showing signs of consolidation, encountering resistance around the $585 and $592 price points.

    BNB price started a decent upward move from the $550 support zone.
    The price is now trading above $575 and the 100-hourly simple moving average.
    There is a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair (data source from Binance).
    The pair could gain bullish momentum if there is a close above the $585 resistance.

BNB Price Aims Higher

Over the past several days, the value of BNB experienced a consistent decrease, similar to Ethereum and Bitcoin, after hitting a resistance at $592. Subsequently, it fell beneath the support levels of $575 and $560. However, near $550, buyers regained some control.

At a price of $550.8, a depression took shape. Subsequently, the price commenced an upward trend and surmounted the resistance thresholds of $565 and $575. The 61.8% Fibonacci retracement level, derived from the descent from the peak of $593 to the trough of $550, was also breached. Furthermore, a brief rising trend line can be discerned on the hourly chart for the BNB/USD pair, with a foundation at $578.

Currently, the price is hovering above the $575 mark and the 100-hour moving average. Immediately above, potential resistance can be found around the $583 mark or at the 76.4% Fibonacci retracement level of the price drop from the $593 peak to the $550 trough. The next barrier lies near the $585 threshold.

BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles?

If the price surpasses the $585 mark clearly, it could lead to further growth. In this scenario, BNB‘s price may reach $592. A successful close above the $592 resistance could pave the way for a more significant rise, potentially pushing the price up to the $620 resistance level. Further gains might result in a challenge of the $632 mark in the near future.

Another Decline?

As a researcher studying the price movements of Binance Coin (BNB), if it is unable to surmount the resistance at $585, there’s a possibility of another decline. The initial support for BNB can be found near the $578 mark and along the trendline of its channel.

The price may find its next significant resistance around $572. On the other hand, the key support lies at $565. Should the price fall below this support, it might head towards the $550 level. Further declines could potentially trigger a more substantial downtrend that leads to $532.

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 – $572 and $565.

Major Resistance Levels – $585 and $592.

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2024-06-26 08:10