BNB price started a downward correction from the $585 area. The price must remain above $570 to start a new increase in the near term.
- BNB price started a new decline after it failed to cross the $585 resistance area.
- The price is now trading below the $580 level and the 100 simple moving average (4-hours).
- There is a major uptrend line forming with support near $570 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could start a new increase if it remains above the $570 support level.
BNB price maintains support
After a good increase, BNB price faced difficulties near the $585 resistance level. As a result, there was a bearish reaction below the $580 support level, like Ethereum and Bitcoin.
The price fell below the $575 support level and the 100 simple moving average (4-hours). It traded as low as $571 and is currently accumulating losses. There is also a major uptrend line forming with support near $570 on the hourly chart of the BNB/USD pair.
There was a slight upward movement above the $575 level. The price crossed the 23.6% Fibonacci retracement level of the downward move from the swing high at $586 to the swing low at $571. It is now trading below the $580 level and the 100 simple moving average (4-hours).
Immediate resistance is near the $578 level or the 50% Fibonacci retracement level of the downward move from the $586 swing high to the $571 low. The next resistance is near the $582 level.
A clear move above the $582 area could send the price higher. In the mentioned case, BNB price could test the $588 level. A close above the $588 resistance could set the pace for a larger increase towards the $600 resistance. Any further gains may require a test of the $612 level in the coming days.
More losses?
If BNB fails to clear the $582 resistance level, it may continue to move lower. Initial support on the downside is near the $572 level and the trend line.
The next major support is near the $562 level. Major support is at $550. If a downside breakout occurs below the $550 support level, the price could fall towards the $532 support level. Any further losses could lead to a bigger decline towards the $525 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key Support Levels – $572, $562, and $550.
Major resistance levels – $582, $588, and $600.
