The BNB price struggled to stay above the $600 zone. The price is consolidating gains and could aim for another rise above the USD 605 level.
- BNB price started a downside correction from the USD 612 resistance zone.
- The price is now trading above $590 and the 100-hour moving average.
- A connecting bullish trendline is forming with support at $595 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $588 level for renewed gains in the near term.
BNB price holds support
After closing above the $585 level, BNB price extended its rise. However, the upside was limited above $610 and the price remained contained, unlike Ethereum and Bitcoin.
There was a move below the USD 605 and USD 600 levels. The price even fell below the 23.6% Fib retracement level of the upward move from the $543 swing low to the $611 high. However, the price is now holding gains above the USD 580 level.
The price is now trading above $595 and the 100-hour moving average. A connecting bullish trendline is also forming with support at $595 on the hourly chart of the BNB/USD pair.
If a new increase occurs, the price may encounter resistance near the $605 level. The next resistance is near the $612 level. A clear move above the $612 zone could send the price higher. In the said case, BNB price could test $620. A close above the USD 620 resistance could set the pace for a bigger move towards the USD 632 resistance. Further gains could require a test of the $650 level in the near term.
Lose more?
If BNB fails to clear the USD 605 resistance, it could trigger another decline. The initial downside support is near the $595 level and the trendline. The next major support is near the $578 level or the 50% Fib retracement level of the upward move from the $543 swing low to the $611 high.
The main support is at $570. If there is a downside break below the USD 570 support, the price could fall towards the USD 560 support. Any further losses could trigger a bigger decline towards the $550 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – USD 595 and USD 578.
Major resistance levels – $605 and $612.
