BNB Coin Price Hits Critical Support Level: Is a Rebound on the Horizon?
BNB price started a downside correction from the $ 585 zone. The price must stay above $ 570 to start a fresh increase in the near term.
- BNB price started a fresh decline after it failed to clear the $ 585 resistance zone.
- The price is now trading below $ 580 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $ 570 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it stays above the $ 570 support.
BNB Price Holds Support
After a decent increase, BNB price struggled near the $ 585 resistance. As a result, there was a bearish reaction below the $ 580 support, like Ethereum and Bitcoin.
The price dipped below the $ 575 support and the 100 simple moving average (4 hours). It traded as low as $ 571 and is currently consolidating losses. There is also a key bullish trend line forming with support near $ 570 on the hourly chart of the BNB/USD pair.
There was a minor upward move above the $ 575 level. The price cleared the 23.6% Fib retracement level of the downward move from the $ 586 swing high to the $ 571 low. It is now 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 the downward move from the $ 586 swing high to the $ 571 low. The next resistance sits near the $ 582 level.
A clear move above the $ 582 zone could send the price higher. In the stated case, BNB price could test $ 588. A close above the $ 588 resistance might set the pace for a larger increase toward the $ 600 resistance. Any more gains might call for a test of the $ 612 level in the coming days.
More Losses?
If BNB fails to clear the $ 582 resistance, it could continue to move down. Initial support on the downside is near the $ 572 level and the trend line.
The next major support is near the $ 562 level. The main support sits at $ 550. If there is a downside break below the $ 550 support, the price could drop toward the $ 532 support. Any more losses could initiate a larger decline toward the $ 525 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $ 572, $ 562, and $ 550.
Major Resistance Levels – $ 582, $ 588, and $ 600.