BNB price has recently experienced a recovery wave from the $585 support zone. However, to enter a positive zone in the near term, the bulls need to overcome the $600 resistance zone. The price is currently trading below $600 and the 100-hourly simple moving average, indicating a challenging road ahead.
After facing resistance near the $615 level, BNB price witnessed a bearish reaction, leading to a dip below the $600 support. Similar trends were observed in Ethereum and Bitcoin prices. The price dropped to as low as $586 but has since initiated a recovery wave. Key resistance levels to watch out for include $595, $600, and $602.
The MACD for BNB/USD is losing pace in the bearish zone, indicating potential downside pressure. Additionally, the RSI for BNB/USD is currently below the 50 level, further highlighting the challenges faced by the bulls. Major support levels include $585 and $572, while major resistance levels sit at $600 and $602.
If BNB price manages to clear the $600 resistance, it could test higher levels such as $615 and even $620 in the coming days. However, failure to overcome this resistance could result in further downside movement. Initial support is found near $592, followed by the key support level at $585. A breach below $572 could pave the way for a decline towards $560 and potentially even $550.
Overall, the current state of BNB price analysis suggests a critical juncture where bulls need to overcome key resistance levels to initiate a sustained upward movement. On the other hand, failure to do so could result in increased downside pressure, leading to lower price levels in the short term. Investors and traders should closely monitor the $600 resistance level for clues about the future direction of BNB price.
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