🔥🔥🔥 $BNB Coin Price Hits Critical Support Level: Is a Rebound on the Horizon?

BNB Price Analysis: Key Levels to Watch

- BNB price recently started a downside correction after failing to break through the $585 resistance zone. It is now crucial for the price to stay above $570 to initiate a fresh upward move soon.

- After a significant increase, BNB faced strong resistance around $585, leading to a bearish shift below the $580 support, similar to the price movements of #Ethereum and #bitcoin . BNB has dipped below the $575 support and the 100 simple moving average (4 hours), trading as low as $571 before consolidating its losses. There is a crucial bullish trend line forming with support near $570 on the hourly chart of the BNB/USD pair, according to data from Binance.

- BNB experienced a minor rebound above the $575 level, clearing the 23.6% Fib retracement level of the drop from the $586 swing high to the $571 low. Despite this, it remains below $580 and the 100 simple moving average (4 hours). Immediate resistance is found near $578, aligned with the 50% Fib retracement level of the recent decline. The next resistance is at $582.

- A successful move above the $582 resistance could drive BNB higher, potentially testing the $588 level. Closing above $588 might pave the way for a more substantial increase toward the $600 resistance, with further gains possibly leading to a test of $612 in the coming days.

- Conversely, if BNB fails to surpass the $582 resistance, it might face continued downward pressure. Initial support on the downside is near $572 and the trend line, with major support at $562 and a critical level at $550. A break below $550 could result in a decline towards $532, with further losses potentially extending to $525.

Technical Indicators:

- Hourly MACD: The MACD for BNB/USD is losing momentum in the bearish zone.

- Hourly RSI (Relative Strength Index): The RSI for BNB/USD is currently below the 50 level.

- Major Support Levels: $572, $562, and $550.

- Major Resistance Levels: $582, $588, and $600.

Source - newsbtc.com

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