BNB Bull Run: Key Drivers Behind Binance Coin's Surge

BNB reversed gains from $612. The price is displaying pessimistic indicators while Bitcoin and Ethereum anticipate rises.

BNB began a downtrend from $612 barrier.

The price is below $595 and the 100-hour SMA.

On Binance's hourly BNB/USD chart, a negative trend line connects to $595 barrier.

To rise soon, the pair needs remain above $588.

BNB fell after battling above $612. Price fell below $605 and $600 support levels, unlike Ethereum and Bitcoin.

It fell below $598 and $595. The price even fell below the 23.6% Fib retracement line of the $565 swing low to $612 high upward surge. On the hourly BNB/USD chart, a negative trend line connects to resistance at $595.

The price is below $595 and the 100-hour SMA. A new rise might encounter resistance at $595 or the trend line.

Near $600 is the next resistance. A decisive break over $600 might boost prices. In this instance, BNB may reach $612. A closing above $612 resistance might lead to a surge above $620. More gains may challenge $632 soon.

BNB may fall again if it fails to break $595 resistance. The downside has first support at $590. The next key support is $588, the 50% Fib retracement level of the rise from the $565 swing low to the $612 high.

The major funding is $576. If the price breaks below $576, it might fall to $565. More losses might cause a drop to $550.

Tech Indicators

The BNB/USD MACD is moving bearishly.

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

Major Support Levels: $588, $576.

Major resistance levels: $595, $600.

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