Can the BNB price recovery last?

After a period of decline, the BNB price has gradually recovered from the support area of ​​585. However, for bulls to push the price further up, they must successfully break through the key resistance level of 600.

After breaking through the support level of 585, the BNB price faces a considerable challenge. Currently, the BNB price is still below 600 and the 100-hour simple moving average SMA. However, on the hourly chart, BNB successfully broke through the negative trend line at 595, showing some rebound momentum.

If BNB can stabilize above 585, the pair is expected to rise again. At the current price, the first task facing bulls is to break through the resistance level of 600. If successful, the next important resistance level will be 602.

If the bulls can decisively break through 602, the BNB price is expected to rise further to 615. Once the price can successfully close above 615, it will provide strong support for BNB to move towards 620 or even higher. In the near future, if the momentum does not diminish, the BNB price may reach a high of 632.

If BNB fails to successfully break through the resistance level of 600, then the price may face the risk of another decline. In this case, the trend line and 592 will provide the primary support level. If the price falls further, 585 and 572 will become key support areas. Once the price falls below 572, then BNB may fall further to 560, and may even hit a low of 550.

From the technical indicators, BNB's MACD is currently in the negative zone, showing the short-term weakness of the market. The relative strength index RSI on the hourly chart is also below 50, indicating that the market sentiment is biased towards depression.

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