BNB Price Prediction: Can BNB Bulls Keep Up the Momentum?
BNB price attempted to break above the $585 resistance level but faced a rejection, leading to a downward trend below $580. Will the BNB bulls be able to maintain the positive momentum or will the price continue to decline?
BNB Price Holds Support
Following a period of growth, BNB price struggled to surpass the $585 resistance level, resulting in a bearish reaction that pushed the price below $580, mirroring similar movements in Ethereum and Bitcoin.
- The price dropped below the $575 support and the 100 simple moving average (4 hours), reaching as low as $571 before entering a consolidation phase.
- A key bullish trend line is forming with support around $570 on the hourly BNB/USD chart.
- A minor upward movement saw the price break above the $575 level and the 23.6% Fib retracement level, but it is currently trading below $580 and the 100 simple moving average (4 hours).
- Immediate resistance lies near the $578 level, followed by the 50% Fib retracement level at $582.
Potential for More Losses?
If BNB fails to overcome the $582 resistance level, there is a possibility of further downward movement. The initial support is at around $572 along with the trend line, followed by a stronger support level at $562 and a significant support zone at $550. A break below $550 could trigger a bearish trend towards $532, with further losses potentially leading to a decline to $525.
Technical Indicators
- Hourly MACD β The MACD for BNB/USD is displaying a weakening bearish trend.
- Hourly RSI (Relative Strength Index) β The RSI for BNB/USD is currently below the 50 level, indicating a potential bearish sentiment.
- Major Support Levels β $572, $562, and $550.
- Major Resistance Levels β $582, $588, and $600.
Sources:
https://www.binance.com
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