BNB price is consolidating above the $595 support zone. The price is now consolidating near $600 and might aim for more gains in the near term.
- BNB price is attempting to recover from the $600 support zone.
- The price is now trading near $602 and the 100-hourly simple moving average.
- There is a key rising channel forming with support near $600 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $598 level to start another increase in the near term.
BNB Price Holds Key Support
After forming a base above the $592 level, BNB price started a fresh increase. There was a move above the $595 and $600 resistance levels, like Ethereum and Bitcoin.
The bulls even pushed the price above the $605 level. A high was formed at $611 before there was a minor downside correction. The price retested the $600 support zone. A low was formed at $598 and the price climbed above the 23.6% Fib retracement level of the recent decline from the $611 swing high to the $598 low.
The price is now trading near $602 and the 100-hourly simple moving average. There is also a key rising channel forming with support near $600 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $606 level and the 61.8% Fib retracement level of the recent decline from the $611 swing high to the $598 low. The next resistance sits near the $610 level. A clear move above the $610 zone could send the price higher.
In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $635 resistance. Any more gains might call for a test of the $650 level in the near term.
Another Decline?
If BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $600 level. The next major support is near the $598 level.
The main support sits at $592. If there is a downside break below the $592 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $580 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 – $600 and $598.
Major Resistance Levels – $606 and $610.
