The BNB price is currently displaying bearish signals as it struggles to surpass the $600 threshold. In order to shift towards a bullish trend, the price must establish itself above the $575 and $585 resistance levels.
Following an unsuccessful attempt to breach the $600 resistance zone, the BNB price has experienced a fresh downtrend. Presently, the price is situated below $585 and the 100 simple moving average (4 hours).
Bearish Trend Line
On the hourly chart of the BNB/USD pair from Binance, a prominent bearish trend line is developing with resistance around $575. If the pair successfully overcomes the $585 resistance zone, it could potentially trigger bullish momentum.
Despite an initial surge, the BNB price encountered resistance near the $600 mark, leading to a downward reaction below $585. Similar to Ethereum and Bitcoin, the price dropped beneath the $575 support level and the 100 simple moving average (4 hours), reaching as low as $561. Currently, the price is consolidating its losses following a minor uptick above $565.
Immediate resistance for BNB is positioned near $575, with a key bearish trend line forming near this level on the hourly chart. The subsequent resistance levels include $585 and the 61.8% Fibonacci retracement level of the recent downward move. If the price successfully surpasses the $585 zone, a potential rally towards $600 may be on the horizon. A breakthrough above $600 could pave the way for further gains towards $650 and potentially $680.
Should BNB fail to conquer the $575 resistance zone, a continuation of the downward trend might occur. Initial support is situated near $560, followed by a more substantial support level at $550, with the primary support resting at $532. A breach below the $532 support could lead the price towards $510, potentially initiating a deeper decline towards $500.
The Hourly MACD for BNB/USD indicates a diminishing pace in the bearish zone, while the Hourly RSI is currently below the 50 level.
The BNB price is currently facing hurdles below the $600 level and must overcome key resistance levels to regain bullish momentum. Failure to do so could result in a further downward movement towards critical support levels. Traders and investors should closely monitor the price action and key levels to determine the future direction of BNB.
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