BNB Price Launches Recovery Bid: Will the Bounce Last?

BNB price started a recovery wave from the $585 support zone. Bulls need to cross the $600 resistance zone to push the price into the positive zone in the near term.

BNB price extended the decline and tested the $585 support zone.

The price is now trading below $600 and the 100 hourly simple moving average.

There was a break above the main bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).

The pair could start a new increase if it remains above the $585 support.

BNB Price Gets Support

After a decent rise, BNB price is struggling near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin.

The price fell below the $595 support and the 100 simple moving average (4-hours). It traded as low as $586 and recently started a recovery wave. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.

There was a break above the main bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, sellers were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to $586 low.

The price is now trading below $600 and the 100 hourly simple moving average. The nearest resistance is near the $600 level. The next resistance is near the $602 level.

Source: BNBUSD on TradingView.com

A clear move above the $602 zone could send the price higher. In the mentioned case, BNB price may test $615. A close above the $615 resistance might trigger a bigger rally towards the $620 resistance. Further upside may require a test of the $632 level in the coming days.

More Losses?

If BNB fails to overcome the $600 resistance, it may continue to move down. Initial support on the downside is near the $592 level and the major Support trend line.