BNB Price Recovery in Limbo: Potential Cap Looms Amid Market Uncertainties
May 15 2024 - 2:13AM
NEWSBTC
BNB price is showing bearish signs below the $600 level. The price
must settle above the $575 and $585 resistance levels to gain
bullish momentum. BNB price started a fresh decline after it failed
to clear the $600 resistance zone. The price is now trading below
$585 and the 100 simple moving average (4 hours). There is a key
bearish trend line forming with resistance near $575 on the hourly
chart of the BNB/USD pair (data source from Binance). The pair
could gain bullish momentum if it clears the $585 resistance zone.
BNB Price Dips Again After a decent increase, BNB price struggled
near the $600 resistance. As a result, there was a bearish reaction
below the $585 support, like Ethereum and Bitcoin. The price dipped
below the $575 support and the 100 simple moving average (4 hours).
It traded as low as $561 and is currently consolidating losses.
There was a minor upward move above the $565 level. The price
tested the 23.6% Fib retracement level of the downward move from
the $600 swing high to the $561 low. It is now trading below $585
and the 100 simple moving average (4 hours). Immediate resistance
is near the $575 level. There is also a key bearish trend line
forming with resistance near $575 on the hourly chart of the
BNB/USD pair. The next resistance sits near the $585 level or the
61.8% Fib retracement level of the downward move from the $600
swing high to the $561 low. A clear move above the $585 zone could
send the price higher. In the stated case, BNB price could test
$600. A close above the $600 resistance might set the pace for a
larger increase toward the $650 resistance. Any more gains might
call for a test of the $680 level in the coming days. More Losses?
If BNB fails to clear the $575 resistance, it could continue to
move down. Initial support on the downside is near the $560 level.
The next major support is near the $550 level. The main support
sits at $532. If there is a downside break below the $532 support,
the price could drop toward the $510 support. Any more losses could
initiate a larger decline toward the $500 level. Technical
Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BNB/USD is currently below the 50 level. Major Support Levels –
$565, $550, and $532. Major Resistance Levels – $575, $585, and
$600.
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