BNB Price Analysis: Can BNB Break Above $600 Again?
If you’re following the BNB price movement, here’s a breakdown of what you should know:
BNB Price Dips Again 📉
After a previous attempt to break above the $600 resistance level, BNB price faced a hurdle and started a fresh decline. The price is now trading below $585 and the 100 simple moving average (4 hours), indicating a bearish trend.
- The price dipped below the $575 support level, reaching as low as $561 before consolidating losses.
- There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair, suggesting further downturns.
Despite a minor upward move above $565, the price is struggling to break above the $585 resistance level. The next hurdle is near $575, followed by the $585 level, which could determine the future price movement.
More Losses? 📉
If BNB fails to clear the $575 resistance zone, it could continue to move downwards. The immediate support lies near $560, with major support levels at $550 and $532. A break below $532 could trigger a larger decline towards $510 and potentially $500.
- Hourly MACD is showing signs of a bearish trend, indicating further downward movement.
- The Hourly RSI for BNB/USD is currently below the 50 level, suggesting a bearish sentiment in the market.
Keep an eye on the major resistance levels at $575, $585, and $600, as breaking above these levels could signal a bullish momentum for BNB.
Hot Take: 🚀
As the BNB price struggles to break above key resistance levels, investors and traders need to closely monitor the price action to determine the future direction. Key levels to watch include $575, $585, and $600, as they could dictate whether BNB will see further gains or continue its downward trend.
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