Will BNB Price Rise Again?

BNB reversed gains below $600. Price is maintaining $565 support and may rise again.

BNB began a bearish decline from $620 barrier.
The price is below $590 and the 100-hourly SMA.

On Binance's hourly BNB/USD chart, a negative trend line with resistance at $585 is forming.
To rise soon, the pair needs hold above $565.

BNB Price Rises

BNB price rejected at $620 after a significant uptrend. Like Ethereum and Bitcoin, the price corrected from $618.

Prices fell below $600 and $590. The price dropped below $580 before bulls emerged at $565. Prices are climbing from a low of $564. It broke over $570 and is approaching the 23.6% Fib retracement level of the $618 swing high to $564 low decline.

The price is below $585 and the 100-hourly SMA. A new advance may encounter resistance at $580. Around $585 is the next resistance.

On the hourly BNB/USD chart, a negative trend line with resistance at $585 is forming. A decisive break over $585 might boost prices. BNB price might touch $600 or the 61.8% Fib retracement level of the decline from the $618 swing high to the $564 low around $597.

A closing over $600 might lead to a rise above $620. More gains may test $650 soon.

More Losses?
BNB may fall again if it fails to break $585 resistance. The downside has first support at $570. Near $565 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 $520.

Tech Indicators

Our hourly MACD for BNB/USD is falling in the negative zone.

Hourly RSI (Relative Strength Index): BNB/USD is at 50.

Major Support Levels: $565, $550.

Major resistance levels: $585, $600.

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