BNB price began a downward correction in the $585 area. The price would need to remain above $570 for new increases to begin in the near future.
- BNB price began a new downtrend after failing to break the $585 resistance zone.
- The price is currently trading below $580 and the 100 simple moving average (4-hours).
- On the hourly chart of the BNB/USD pair, there is a major bullish trend line forming with support near $570 (data source from Binance).
- If it stays above the $570 support, the pair could start a fresh increase.
BNB price maintains support
After a significant rally, BNB price struggled near the $585 resistance. As a result, like Ethereum and Bitcoin, there was a bearish reaction below the $580 support line.
The price fell below the $575 support line and the 100 simple moving average (4-hours) line. It traded as low as $571 and is currently consolidating losses. On the hourly chart of the BNB/USD pair, there is also a major bullish trend line forming with support near $570.
There was a slight upward movement above the $575 level. Price cleared the 23.6% Fib retracement level of the downward move from the $586 swing high to the $571 low. It is currently trading below $580 and the 100 simple moving average (4-hours).
Immediate resistance is near the $578 level or the 50% Fib retracement level of a downward move from the $586 swing high to the $571 low. The next resistance is near the $582 level.
A clear break above the $582 area could push the price higher. As noted, the BNB price could test $588. A break above the $588 resistance could set up a larger upward pace towards the $600 resistance. More gains may require a test of the $612 level in the coming days.
Are there more losses?
If BNB fails to clear the $582 resistance, it may continue to fall. Initial support for the downside is near the $572 level and trend line.
The next major support is near the $562 level. Main support is $550. A downward breakout below the $550 support may push the price towards the $532 support. Any more losses could trigger a deeper decline towards the $525 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 – $572, $562, $550.
Key resistance levels – $582, $588, $600.