BNB Coin Price Hits Critical Support: Rebound Ahead? 🚀

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 – The MACD for BNB/USD is displaying a weakening bearish trend.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level, indicating a potential bearish sentiment.
Major Support Levels – $572, $562, and $550.
Major Resistance Levels – $582, $588, and $600.