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Home»EXCHANGE NEWS»BNB Price Recovery Bid Begins: Will the Bounce Hold?
EXCHANGE NEWS

BNB Price Recovery Bid Begins: Will the Bounce Hold?

By Crypto FlexsMay 31, 20243 Mins Read
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BNB Price Recovery Bid Begins: Will the Bounce Hold?
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BNB price began its recovery from the $585 support zone. Bulls need to clear the $600 resistance area to push the price into positive territory in the near term.

  • BNB price extended losses and tested the $585 support area.
  • The price is currently trading below $600 and the 100-hour simple moving average.
  • On the hourly chart of the BNB/USD pair (Binance data source), a breakout occurred above the main bearish trendline at the resistance level of $595.
  • If it stays above the $585 support, the pair could start a fresh increase.

BNB price maintains support

After a significant rally, BNB price struggled near the $615 resistance. As a result, like Ethereum and Bitcoin, a bearish reaction occurred below the $600 support line.

The price fell below the $595 support line and the 100 simple moving average (4-hours) line. It traded as low as $586 and recently began a recovery. There was a move above the $595 resistance zone and a downward move from the $613 swing high to the $586 low and the 23.6% Fib retracement level.

On the hourly chart of the BNB/USD pair, there has been a break above the main bearish trend line at $595, which is the resistance level. However, bears have been active near the $600 level or the 50% Fib retracement level moving down from the $613 swing high to the $586 low.

The price is currently trading below $600 and the 100-hour simple moving average. Immediate resistance is near the $600 level. The next resistance is near the $602 level.

Source: BNBUSD on TradingView.com

The price could go higher if it clearly breaks through the $602 area. As stated, the BNB price could test $615. A break above the $615 resistance could set up a larger upward pace towards the $620 resistance. Any further gains may require a test of the $632 level in the coming days.

Are there more losses?

If BNB fails to clear the $600 resistance, it may continue to fall. Initial support for the downside is near the $592 level and trendline.

The next major support is near the $585 level. The main support level is $572. A downward breakout below the $572 support could push the price towards the $560 support. Any more losses could trigger a further decline towards the $550 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 – $585 and $572.

Key resistance levels – $600 and $602.

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