BNB price struggles to stay above Support area is $550. The price may start rising again if it breaks the resistance area of $560.
- BNB price started a fresh decline from the $592 resistance area.
- The price is now trading below the $565 level and the 100-hour simple moving average.
- There is a connected bearish trend line forming with resistance at $560 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair may gain upward momentum if it breaks the $560-562 resistance zone.
BNB Price Looks to Recover
After trying to test the $600 resistance level, BNB price started to decline again like Ethereum and Bitcoin. The price dropped below the $585 and $572 support levels. There was also a drop below the $560 level.
Finally, the price found support at $548. A low was formed at $547 and now the price is consolidating at $560. A connected bearish trend line is forming with a resistance level at $560 on the hourly chart of BNB/USD.
The pair is now trading below the $565 level and the 100-hour simple moving average. If a recovery wave occurs, the price could face resistance near the $558 level and the trend line. It is close to the 23.6% Fib retracement level of the downside move from the $592 swing high to $547 swing low.
The next resistance is near the $562 level. A clear move above the $562 area could lead the price to a higher level. In the mentioned case, BNB price could test the $570 level or the 50% Fib retracement level of the downside move from the $592 swing high to $547 swing low.
A close above the $570 resistance could pave the way for a larger rally towards the $585 resistance. Any further gains could call for a test of the $592 level in the near term.
Are there more negatives?
If BNB fails to clear the $560 resistance level, it could start a downward trend again. The initial support on the downside is near the $550 level. The next major support is near the $548 level.
The major support is at $542. If there is a decline below the $542 support level, the price could decline towards the $530 support level. Any further losses could start a bigger decline towards the $515 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $550 and $548.
Key resistance levels – $560 and $570.
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