BNB Price Rebound: Will It Hold? 🚀
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BNB price has bounced back from the $585 support zone. Bulls need to break the $600 barrier to drive the price higher soon.
BNB price tested the $585 support after further declines.
The price remains below $600 and the 100-hour SMA.
BNB/USD broke above a bearish trend line with resistance at $595 on the hourly chart.
If it stays above $585, the pair could rise again. 📈
BNB Price Supports
Following a significant rise, BNB price encountered resistance around $615. Both Ethereum and Bitcoin traded bearishly below $600.
The price dropped below $595 and the 100 Simple Moving Average (4 hours). After dipping below $586, it started a recovery, breaking above the $595 resistance zone and the 23.6% Fib retracement level from the $613 swing high to the $586 low.
BNB/USD overcame a bearish trend line with resistance at $595 on the hourly chart. Bears were active around $600, the 50% Fib retracement level of the drop from the $613 swing high to the $586 low.
The price is still below $600 and the 100-hour SMA. Immediate resistance is near $600. The next resistance is around $602.
A clear break above $602 could push the price higher. In this scenario, BNB might reach $615. A close above the $615 barrier could lead to a stronger move toward $620. Further advances might target $632 in the coming days. 🚀
Potential Declines?
BNB could decline if it fails to break $600. The trend line and $592 provide initial downside support.
The next significant support is near $585. Major support stands at $572. If the price falls below $572, it might drop to $560. Further losses could drive the price down to $550. 📉
Technical Indicators
- Hourly MACD for BNB/USD is falling in the negative zone.
- Hourly RSI (Relative Strength Index) for BNB/USD is below 50.
Major Support Levels: $585, $572.
Major Resistance Levels: $600, $602. $BNB
