BNB Price Struggles to Stay Higher Support zone $550. The price may start a new growth if it breaks the resistance zone $560.
- The BNB price started a new decline from the $592 resistance zone.
- The price is currently trading below $565 and the 100-hour simple moving average.
- There is a connecting bearish trendline forming with resistance at $560 on the hourly chart of BNB/USD (data source: Binance).
- The pair may gain bullish momentum if it breaks the $560–$562 resistance zone.
BNB Price Awaits Recovery
After failing to test the $600 resistance, BNB price started a new decline, like Ethereum and Bitcoin. The price fell below the $585 and $572 support levels. There was also a move below $560.
Finally, the price found support at $548. The low was formed at $547, and now the price is consolidating losses. Also, on the hourly chart of the BNB/USD pair, a connecting bearish trend line is forming with resistance at $560.
The pair is currently trading below $565 and the 100-hour simple moving average. If there is a wave of recovery, the price may face resistance near the $558 level and the trend line. It is close to the 23.6% Fibonacci retracement level of the downward move from the swing high of $592 to the low of $547.
The next resistance is around the $562 level. A clear move above the $562 zone could push the price higher. In this case, BNB price could test $570 or the 50% Fibonacci retracement level of the downward move from the $592 swing high to the $547 low.
A close above the $570 resistance could set the pace for more gains towards the $585 resistance. Any further gains could require a test of the $592 level in the near term.
Any other disadvantages?
If BNB fails to break the $560 resistance, it may start a new decline. Initial support on the downside is near $550. The next major support is near $548.
The main support is at $542. If there is a break below the $542 support, the price could fall towards the $530 support. Any further losses could trigger a stronger fall towards the $515 level.
Technical indicators
Hourly MACD – MACD for BNB/USD is losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
The main support levels are $550 and $548.
The main resistance levels are $560 and $570.
