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 â The MACD for BNB/USD is losing strength in the bearish zone.
Hourly RSI â 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:
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