BNB price corrected gains below the $600 level. The price is now holding the key $565 support and might aim for a fresh increase.
BNB price started a downside correction from the $620 resistance zone.
The price is now trading below $590 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $565 level to start another increase in the near term.
BNB Price Extends Rally
After a major upward move, BNB price saw a rejection pattern nears the $620 zone. A high was formed at $618 and the price started a downside correction like Ethereum and Bitcoin.
There was a move below the $600 and $590 levels. The price even dipped below $580 before the bulls appeared near $565. A low was formed at $564 and the price is now rising. It climbed above the $570 level and now approaches the 23.6% Fib retracement level of the downward move from the $618 swing high to the $564 low.
The price is now trading below $585 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $580 level. The next resistance sits near the $585 level.
There is also a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB/USD pair. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $600 or the 61.8% Fib retracement level of the downward move from the $618 swing high to the $564 low at $597.
A close above the $600 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $650 level in the near term.
More Losses?
If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $565 level.
The main support sits at $550. If there is a downside break below the $550 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $520 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level.
Major Support Levels – $565 and $550.
Major Resistance Levels – $585 and $600.
Source: NewsBTC.com
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