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BNB Price Recovery Bid: Will It Last?
From the $585 support zone, BNB price recovered. Bulls must break $600 barrier to propel the price up soon.
BNB price challenged $585 support after losing further.
The price is below $600 and the 100-hour SMA.
BNB/USD broke above a negative trend line with resistance at $595 on the hourly chart.
If it remains over $585, the pair may rise again.
BNB Price Supports
After a nice rise, BNB pricing struggled about $615. Below $600, Ethereum and Bitcoin traded bearishly.
The price fell below $595 and the 100 Simple Moving Average (4 hours). After falling below $586, it began a rebound. Above the $595 resistance zone and 23.6% Fib retracement level of the $613 swing high to $586 low decline.
BNB/USD broke above a negative trend line with resistance at $595 on the hourly chart. Bears were aggressive at $600, the 50% Fib retracement level of the decline from the $613 swing high to the $586 low.
The price is below $600 and the 100-hour SMA. Resistance near $600 is immediate. Around $602 is the next resistance.
A decisive break over $602 might boost prices. In this instance, BNB may reach $615. A closing above $615 barrier might lead to a stronger move toward $620. Any more advances may challenge $632 in the coming days.
More Losses?
BNB may fall if it fails to break $600. The trend line and $592 provide first downward support.
Near $585 is the next important support. The major funding is $572. If the price breaks below $572, it might fall to $560. More losses might cause a drop to $550.
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Our hourly MACD for BNB/USD is falling in the negative zone.
Hourly RSI (Relative Strength Index): BNB/USD is below 50.
Major Support Levels: $585, $572.
Major Resistance Levels: $600, $602.
