BNB price struggled to stay above the $600 area. The price is consolidating its gains and may aim for a new increase above the $605 level.
- BNB price has started a downward correction from the $612 resistance area.
- The price is now trading above the $590 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above $588 to start another near-term rally.
BNB price maintains support
After closing above the $585 level, BNB price continued to rise. However, rallies were limited above $610 and the price remained capped unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price also fell below the 23.6% Fib retracement level of the upward move from the swing low at $543 to the swing high at $611. However, the price is now holding its gains above the $580 level.
The price is now trading above the $595 level and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a new increase, the price may face resistance near the $605 level. The next resistance is near the $612 level. A clear move above the $612 area could send the price higher. In the mentioned case, BNB price could test the $620 level. A close above the $620 resistance could set the pace for a larger move towards the $632 resistance. Any further gains may require a test of the $650 level in the near term.
More losses?
If BNB fails to break above the $605 resistance level, it could start another decline. Initial support on the downside is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fibonacci retracement level of the upward move from the $543 swing low to the $611 high.
Major support is at $570. If a downside breakout occurs below the $570 support level, the price could fall towards the $560 support level. Any further losses could lead to a bigger decline towards the $550 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key Support Levels – $595 and $578.
Key resistance levels – $605 and $612.
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