BNB price corrected gains below the $600 level. The price is now holding the key $565 support and might aim for a fresh increase.
- BNB price started a downside correction from the $620 resistance zone.
- The price is now trading below $590 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $565 level to start another increase in the near term.
BNB Price Extends Rally
After a major upward move, BNB price saw a rejection pattern nears the $620 zone. A high was formed at $618 and the price started a downside correction like Ethereum and Bitcoin.
There was a move below the $600 and $590 levels. The price even dipped below $580 before the bulls appeared near $565. A low was formed at $564 and the price is now rising. It climbed above the $570 level and now approaches the 23.6% Fib retracement level of the downward move from the $618 swing high to the $564 low.
The price is now trading below $585 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $580 level. The next resistance sits near the $585 level.
There is also a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $600 or the 61.8% Fib retracement level of the downward move from the $618 swing high to the $564 low at $597.
A close above the $600 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $585 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 $550. If there is a downside break below the $550 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $520 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level.
Major Support Levels – $565 and $550.
Major Resistance Levels – $585 and $600.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.