#BNB Price Recovery Uncertain: Potential Resistance Ahead
The bearish trend in BNB continues, with prices struggling below $600. To turn positive, BNB must overcome the $575 and $585 barriers. The recent failure to break the $600 mark has pushed BNB below $585 and the 100 SMA. Hourly data for BNB/USD shows a downward trend line with resistance near $575. Breaking the $585 resistance could spark momentum.
#BNB Decline Continues
After initial gains, BNB faced resistance at $600 and fell below $585, mirroring the declines in Ethereum and Bitcoin. The price dipped below $575 and the 100-SMA (4 hours), dropping to $561 before stabilizing slightly above $565. The price tested the 23.6% Fib retracement level from the $600 high to the $561 low.
Currently, BNB remains under $585 and the 4-hour SMA, with immediate resistance around $575. The next resistance is at $585, aligning with the 61.8% Fib retracement from the $600 high to the $561 low. Breaking $585 could propel BNB towards $600. A close above $600 might lead to a rally towards $650, and potentially $680 in the days ahead.
*Further Losses Possible?
If BNB fails to break the $575 resistance, it may drop further. Initial support lies near $560, followed by $550, with main support at $532. Falling below $532 could drive the price down to $510, and further losses might push it near $500.
