๐ $BNB Price Launches Recovery Bid: Will the Bounce Hold?๐
$BNB has started to bounce back from the $585 support zone, but the bulls must clear the $600 resistance to establish a short-term positive trend. Here's the scoop:
*BNB Price Holds Strong*
๐ After facing resistance at $615, BNB dipped below $600, mirroring moves in #Ethereum and #Bitcoin. The price slid past $595 and the 100 simple moving average (4 hours), hitting a low of $586. But the bulls fought back, pushing it above the $595 resistance and the 23.6% Fib retracement level from the $613 high to the $586 low.
๐ BNB broke above a key bearish trend line with resistance at $595 (data from Binance), but the $600 mark, aligning with the 50% Fib retracement level of the same downward move, proved challenging.
โ๏ธ Currently, BNB trades below $600 and the 100-hourly simple moving average. Immediate resistance sits at $600, with the next at $602. A decisive move above $602 could propel the price higher, testing $615. Clearing $615 may pave the way for gains toward $620, with a potential surge to $632.
*More Losses?*
๐ป If BNB struggles to surpass the $600 resistance, it might face further declines. Initial support is around $592 and the trend line, followed by key support at $585. The main support level is at $572. Falling below $572 could see a drop to $560, with further losses potentially driving the price to $550.
*Technical Indicators*
๐ Hourly MACD: Losing pace in the bearish zone.
๐ Hourly RSI: Currently below 50.
๐ก๏ธ Major Support Levels: $585, $572
โ๏ธ Major Resistance Levels: $600, $602
Stay tuned for more updates and join the conversation on #CryptoTrends2024 and #MtGox #Megadrop
#BNBAnalysis ๐๐