As Bullish Momentum Wanes, Can BNB Price Overcome Hurdles?

A recovery wave began with $550 support for BNB. In consolidation, the price faces $585 and $592 obstacles.

From the $550 support zone, BNB price rose.
The price is above $575 and the 100-hourly SMA.

The hourly BNB/USD chart shows a short-term ascending channel with support at $578.
The pair may gain momentum if it closes over $585 barrier.

BNB Price Rises
BNB price, like Ethereum and Bitcoin, has steadily declined from $592 barrier in recent days. Under $575 and $560 support, prices fell. Finally, bulls arrived near $550.

After a low of $550.8, the price began recovering. Above $565 and $575 resistance levels. The price broke the 61.8% Fib retracement barrier of the $593 swing high to $550 low decline. The hourly BNB/USD chart shows a short-term ascending channel with support at $578.

The price is above $575 and the 100-hourly SMA. Resistance is approaching $583, the 76.4% Fib retracement level of the decline from the $593 swing high to the $550 low. Around $585 is the next resistance.

A decisive break over $585 might boost prices. In this situation, BNB may reach $592. Close over $592 resistance might lead to a further move above $620 barrier. Any more advances may challenge $632 in the coming days.

Another Fall?
BNB may fall again if it fails to break $585 resistance. The channel's trend line and $578 provide first downward support.



Near $572 is the next important support. The major funding is $565. If the price breaks below $565, it might fall below $550. More losses might cause a drop to $532.

Tech Indicators

Hourly MACD - BNB/USD MACD is falling in the positive zone.

Hourly RSI (Relative Strength Index): BNB/USD is over 50.

Major Support Levels: $572, $565.

Major resistance levels: $585, $592.

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