BNB is attempting to hold above the 600 USD mark and is currently consolidating its gains, with potential for further growth above the 605 USD level.
Decline After Reaching Resistance at 612 USD
After hitting resistance at 612 USD, the BNB price saw a slight decline. It is now trading above 590 USD and above the 100-hour simple moving average. The hourly BNB/USD chart (source: Binance) shows a bullish trend line with support around 595 USD. For continued growth potential, the price should remain above 588 USD.
BNB Price Support Holds Strong
After surpassing the 585 USD level, BNB continued to rise. However, unlike Ethereum and Bitcoin, its increase has been capped below 610 USD.
The price dipped below the 605 USD and 600 USD levels and even fell below the 23.6% Fib retracement from the 543 USD low to the 611 USD high. Currently, however, BNB is maintaining its gains above 580 USD, as well as above 595 USD and the 100-hour moving average.
Further Growth Potential
If BNB experiences another rise, it could face resistance around 605 USD, followed by 612 USD. A breakthrough above this level could push the price to 620 USD. Closing above 620 USD could pave the way to reach resistance at 632 USD. Further gains could lead to a test of the 650 USD level in the near future.
Potential for Decline
If BNB fails to surpass the 605 USD resistance, another decline may occur. Initial support is at 595 USD, followed by strong support at 578 USD, which is also the 50% Fib retracement from 543 USD to 611 USD. A drop below 570 USD could see the price moving toward support at 560 USD and potentially even 550 USD.
Technical Indicators
Hourly MACD – MACD for BNB/USD is slowing down in the bullish zone.
Hourly RSI – RSI for BNB/USD is currently below 50.
Key support levels – 595 USD and 578 USD.
Key resistance levels – 605 USD and 612 USD.
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