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Home»EXCHANGE NEWS»Uncertain BNB price recovery: Potential cap looms amid market uncertainty.
EXCHANGE NEWS

Uncertain BNB price recovery: Potential cap looms amid market uncertainty.

By Crypto FlexsMay 15, 20243 Mins Read
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Uncertain BNB price recovery: Potential cap looms amid market uncertainty.
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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.

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