BNB Price Recovery and Resistance Ahead
BNB price has seen a reversal from the $400 support area in recent trading sessions after facing bearish pressure below $500, similar to Ethereum and Bitcoin. The price dipped below key support levels at $450 and $435 before bulls stepped in to support.
Following a recent low at $403, the price has initiated a recovery phase, surpassing resistance levels at $435 and $440. Additionally, there was a break above the 23.6% Fibonacci retracement level of the downward movement from the $576 high to the $403 low.
Although the price managed to exceed $465, it is currently below the $500 mark and the 100-hourly simple moving average. The cryptocurrency is consolidating close to the 50% Fibonacci retracement level of the previous downward trend from $576 to $403.
Looking ahead, there are key hurdles for the BNB price to overcome, particularly around the $490 resistance level. Moreover, a significant bearish trend line is forming with resistance at $490 on the hourly BNB/USD chart.
Potential for Further Downside Movement
If BNB struggles to breach the $500 resistance barrier, it may face renewed selling pressure, potentially leading to another decline. Initial support is anticipated near $465, followed by a more substantial support level at $450.
The critical support level remains at $435, and a breakdown below this point could result in a price drop towards the $420 support level. Further losses might trigger a more substantial decline targeting the $400 psychological mark.
Technical Outlook
- Hourly MACD – The MACD for BNB/USD shows signs of slowing bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently positioned above the 50 level.
Key levels to watch:
- Major Support Levels – $465 and $450
- Major Resistance Levels – $490 and $500
Hot Take: Conclusion for BNB Price Action
As BNB price experiences a recovery phase but faces resistance around the $490 and $500 levels, traders should closely monitor whether the cryptocurrency can break above these hurdles. Failure to surpass these levels might trigger another round of selling pressure, potentially leading to a downside move towards key support levels at $465 and $450.
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