The BNB price struggled to hold above the $600 zone. The price is consolidating gains and could seek fresh gains above the $605 level.
- The BNB price began a downward correction from the resistance zone at $612.
- The price is currently trading above $590 and the 100-hour simple moving average.
- On the hourly chart of the BNB/USD pair, a bullish trend connecting line is forming with support at $595 (data source Binance).
- The pair needs to remain above the $588 level to start a new rise in the near future.
BNB price holds support
After closing above $585, the price of BNB continued to rise. However, upside potential was limited above $610 and the price remained capped, unlike Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even dropped below the 23.6% Fibonacci retracement level on an upward move from the $543 swing low to $611 high. However, the price is currently holding above $580.
The price is currently trading above $595 and the 100-hour simple moving average. A connecting bullish trend line is also forming with support at $595 on the hourly chart of the BNB/USD pair.
If there is a fresh rise, the price may face resistance near the $605 level. The next resistance is near the $612 level. A clear move above the $612 zone could push the price higher. In this case, the BNB price could test $620. A close above the $620 resistance could set the pace for a more serious move towards the $632 resistance. Further growth may require testing of the $650 level in the near future.
More losses?
If BNB fails to break through the $605 resistance, it could start another decline. Initial support for the decline is near the $595 level and the trend line. The next major support is near the $578 level or the 50% Fibonacci retracement level of the upward move from the $543 swing low to $611 high.
The main support is at $570. If there is a break below the $570 support, the price could fall to the $560 support. Any further losses could trigger a deeper decline towards the $550 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index). The RSI for BNB/USD is currently below the 50 level.
The main support levels are $595 and $578.
The main resistance levels are $605 and $612.
