Will Momentum Build? BNB Price to Rise?
BNB reversed gains below $605. The price is sustaining $588 support and may rise again.
BNB began a downtrend from $612 barrier.
The price is below $600 and the 100-hour SMA.
On Binance's hourly BNB/USD chart, a positive trend line with support at $595 is formed.
To rise soon, the pair needs remain above $588.
BNB Price May Regain Support
BNB price rejected at $612 after a big rise. After reaching $611, the price fell like Ethereum and Bitcoin.
A drop below $605 and $600 occurred. The price dropped below $592 before bulls emerged at $590. After a low at $591, the price is stabilizing. It broke over $598 and the 23.6% Fib retracement level of the $611 swing high to $591 low decline.
The price is below $600 and the 100-hour SMA. If prices rise, they may encounter resistance at $602 or the 50% Fib retracement level of the decline from the $611 swing high to the $591 low.
Near $610 is the next resistance. A decisive break over $610 might boost prices. In this situation, BNB may reach $620. A closing above $620 barrier might lead to a surge toward $632. More gains may test $650 soon.
More Losses?
BNB may fall again if it fails to break $605 barrier. Initial downside support is $592. Near $588 is the next important support.
The major funding is $588. If the price breaks below $580, it might fall to $575. More losses might cause a drop to $565.
Tech Indicators
Our hourly MACD for BNB/USD is falling in the negative zone.
Hourly RSI (Relative Strength Index): BNB/USD is below 50.
Major Support Levels: $592, $588.
$605–$612 are major resistance levels.
