BNB price is recovering from the $535 support zone. The price is now consolidating gains and might face hurdles near $588 and $600.
- BNB price is attempting to recover above the $575 resistance zone.
- The price is now trading above $565 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $565 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $560 level to start another increase in the near term.
BNB Price Faces Resistance
After forming a base above the $535 level, BNB price started a fresh increase. There was a move above the $550 and $560 resistance levels. It even recovered above the $580 level before the bears appeared, like Ethereum and Bitcoin.
A high was formed at $586 and the price recently correcting some gains. There was a move below the $575 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $534 swing low to the $585 high.
However, the bulls were active near the $565 support zone. There is also a connecting bullish trend line forming with support at $565 on the hourly chart of the BNB/USD pair. The price is now trading above $560 and the 100-hourly simple moving average.
On the upside, the price could face resistance near the $580 level. The next resistance sits near the $585 level. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 resistance might set the pace for a larger move toward the $600 resistance. Any more gains might call for a test of the $620 level in the near term.
Another Decline?
If BNB fails to clear the $588 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $565 level.
The main support sits at $560 and the 50% Fib retracement level of the upward move from the $534 swing low to the $585 high. If there is a downside break below the $560 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $535 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $565 and $560.
Major Resistance Levels – $588 and $600.
