The price of #BNB recently corrected below the $600 mark but now seems to hold key support at $565. This suggests that it could be gearing up for another upward move.

Key Points:
BNB corrected from its peak around $620.It is currently trading below $590 and the 100-hour simple moving average.On the hourly chart for BNB/USD, a bearish trend line is forming with resistance at $585.To continue its upward momentum, the price must stay above $565.
BNB Prepares for Another Rise
After a significant increase, the price of $BNB faced a decline from the $620 zone. A high was reached at $618 before the price began to correct downwards, similar to Ethereum and Bitcoin.
The price fell below $600 and $590, even dipping under $580. However, #bulls re-entered near the $565 mark, where a low was formed at $564. Since then, the price has been recovering, rising above $570. It is now approaching the 23.6% #Fibonacci retracement level of the move from the $618 high to the $564 low.
Currently, #bnbCoin is trading below $585 and the 100-hour simple moving average. If the price rises again, it may face resistance near the $580 level. Another key resistance is at $585.

On the hourly chart, a bearish trend line is visible, providing resistance at $585. If the price breaks through this level, it could retest $600. In the event of success, BNB could attempt to reach $620, a significant resistance level. Further gains might push the price toward $650.

What If the Price Doesn't Hold Support?
If BNB fails to break the resistance at $585, a further decline might follow. The initial support on the downside will be around $570, followed by key support at $565.
A break below $550 could lead to a larger drop towards $532. Any additional losses could drive the price down to as low as $520.

Technical Indicators:
Hourly MACD – The MACD for BNB/USD is losing strength in the bearish zone.Hourly RSI – The RSI is currently hovering around the 50 level, indicating neutral market sentiment.Key Support Levels: $565 and $550.Key Resistance Levels: $585 and $600.

Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

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