🔥🔥🔥 $BNB Price Launches Recovery Bid: Will the Bounce Hold?
BNB price has begun to recover from the $585 support zone, but the bulls need to clear the $600 resistance to move into a positive trend in the short term.
BNB Price Holds Support
- After facing resistance at $615, BNB experienced a bearish reaction, dropping below $600, similar to#Ethereum and #bitcoin . The price fell past $595 and the 100 simple moving average (4 hours), reaching a low of $586. A recovery wave followed, moving above the $595 resistance and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.
- A break above a key bearish trend line with resistance at $595 on the hourly chart (data source from Binance) occurred, but the bears were active around the $600 mark, aligning with the 50% Fib retracement level of the same downward move.
- Currently, BNB is trading below $600 and the 100-hourly simple moving average. Immediate resistance is near $600, with the next resistance at $602. A clear move above $602 could push the price higher, potentially testing $615. A close above $615 may lead to further increases towards $620, with additional gains potentially targeting $632.
More Losses?
- If BNB fails to surpass the $600 resistance, it may continue to decline. Initial support lies near $592 and the trend line, followed by major support at $585. The main support is at $572. A break below $572 could lead to a drop towards $560, with further losses possibly driving the price down to $550.
Technical Indicators
- Hourly MACD: Losing pace in the bearish zone.
- Hourly RSI: Currently below 50.
- Major Support Levels: $585, $572
- Major Resistance Levels: $600, $602
Source - newsbtc.com
