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Will BNB Coin Rebound After Reaching Critical Support?
Starting at $585, BNB price corrected downward. To rise soon, the price must remain above $570.
After failing to break $585 barrier, BNB price fell again.
The price is below $580 and the 100 SMA.
On the hourly BNB/USD chart, a bullish trend line with support at $570 is formed.
If it remains over $570, the pair may rise again.
BNB Price Supports
BNB pricing struggled about $585 after a big rise. Ethereum and Bitcoin went negative below $580.
Prices fell below $575 and the 100 SMA (4 hours). It fell to $571 and is consolidating losses. On the hourly BNB/USD chart, a bullish trend line with support at $570 is formed.
Above $575, prices rose somewhat. The price broke the 23.6% Fib retracement barrier of the $586 swing high to $571 low decline. Under $580 and the 100 simple moving average,
Resistance is approaching $578, the 50% Fib retracement level of the decline from the $586 swing high to the $571 low. Around $582 is the next resistance.
A decisive break over $582 might boost prices. In this situation, BNB may reach $588. Close over $588 barrier might lay the stage for a move above $600. Any more advances may challenge $612 in the coming days.
BNB may fall if it fails to break $582 resistance. The trend line and $572 provide first negative support.
Near $562 is the next important support. The major support is $550. If the price breaks below $550, it might fall to $532. More losses might cause a drop to $525.
