BNB price is showing bearish signs below the $600 level. To gain bullish momentum, the price needs to stabilize above the $575 and $585 resistance levels.
- BNB price began a new decline after failing to break the $600 resistance zone.
- The price is currently trading below $585 and the 100 simple moving average (4-hours).
- The hourly chart of the BNB/USD pair shows a major bearish trendline forming with resistance near $575 (data source from Binance).
- A break above the $585 resistance area could provide bullish momentum.
BNB price falls again
After a significant rally, BNB price struggled near the $600 resistance. As a result, like Ethereum and Bitcoin, there was a bearish reaction below the $585 support line.
The price fell below the $575 support line and the 100 simple moving average (4-hours) line. It traded as low as $561 and is currently consolidating losses. There was a slight upward movement above the $565 level. The price tested the 23.6% Fib retracement level moving down from the $600 swing high to the $561 low.
It is currently trading below $585 and the 100 simple moving average (4-hours). Immediate resistance is near the $575 level. On the hourly chart of the BNB/USD pair, there is also a major bearish trendline forming with resistance near $575.
The next resistance is near the $585 level or the 61.8% Fib retracement level of the downside move from the $600 swing high to the $561 low. Clearly beyond the $585 area, the price could go higher.
As stated, the BNB price may test $600. A break above the $600 resistance could set up a larger upward pace towards the $650 resistance. More gains may require a test of the $680 level in the coming days.
Are there more losses?
If BNB fails to clear the $575 resistance, it may continue to fall. Initial support on the downside is near the $560 level.
The next major support is near the $550 level. The main support level is $532. A downward breakout below the $532 support could push the price towards the $510 support. Any more losses could trigger a further decline towards the $500 level.
technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $565, $550, $532.
Key resistance levels – $575, $585, $600.