Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
BNB price is recovering from the $588 support zone. The price is now correcting gains and might struggle to stay above the $600 support.
After forming a base above the $588 level, BNB price started a fresh increase. There was a move above the $600 and $610 resistance levels. It even recovered above the $615 level before the bears appeared, like Ethereum and Bitcoin.
A high was formed at $618 and the price is now correcting gains. There was a move below the $615 level. The price dipped below the 50% Fib retracement level of the upward move from the $587 swing low to the $618 high.
There is also a short-term declining channel forming with resistance at $610 on the hourly chart of the BNB/USD pair. The price is now trading below $610 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $610 level.
The next resistance sits near the $612 level. A clear move above the $612 zone could send the price higher. In the stated case, BNB price could test $618. A close above the $620 resistance might set the pace for a larger move toward the $626 resistance. Any more gains might call for a test of the $635 level in the near term.
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 and the 61.8% Fib retracement level of the upward move from the $587 swing low to the $618 high.
The main support sits at $594. If there is a downside break below the $594 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 level.
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 $600 and $598.
Major Resistance Levels $610 and $618.