BNB price has had difficulty maintaining above the $600 level. The price is consolidating gains and could target a fresh increase above the $605 level.
- BNB price began a downward correction at the $612 resistance zone.
- The price is currently trading above $590 and the 100-hour simple moving average.
- On the hourly chart of the BNB/USD pair, there is a connected bullish trendline with support at $595 (data source from Binance).
- The pair would need to stay above the $588 level to initiate another increase in the near future.
BNB price maintains support
The BNB price continued its upward trend beyond the $585 level. However, the upside is limited to above $610 and unlike Ethereum and Bitcoin, the price remains limited.
There was movement below the $605 and $600 levels. The price fell below the 23.6% Fib retracement level, rising from the $543 swing low to the $611 high. However, the price is currently maintaining an upward trend above the $580 level.
The price is currently trading above $595 and the 100-hour simple moving average. On the hourly chart of the BNB/USD pair, there is also a connecting bullish trendline with support at $595.
If there is a new price increase, the price may face resistance near the $605 level. The next resistance is near the $612 level. A clear break above the $612 area could push the price higher. As stated, the BNB price could test $620. A close above the $620 resistance could set the pace for a larger move towards the $632 resistance. For further gains, we may need to test the $650 level in the near term.
Are there more losses?
If BNB fails to clear the $605 resistance, it could start another downtrend. Initial support for the downside is near the $595 level and trend line. The next major support is near the $578 level or the 50% Fib retracement level rising from the $543 swing low to the $611 high.
The main support level is $570. A downward breakout below the $570 support may push the price towards the $560 support. Any more losses could trigger a deeper decline towards the $550 level.
technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $595 and $578.
Key resistance levels – $605 and $612.