BNB Coin Price Hits Critical Support Level: Is a Rebound on the Horizon?
May 19 2024 - 11:18PM
NEWSBTC
BNB price started a downside correction from the $585 zone. The
price must stay above $570 to start a fresh increase in the near
term. BNB price started a fresh decline after it failed to clear
the $585 resistance zone. The price is now trading below $580 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support near $570 on the hourly chart of
the BNB/USD pair (data source from Binance). The pair could start a
fresh increase if it stays above the $570 support. BNB Price Holds
Support After a decent increase, BNB price struggled near the $585
resistance. As a result, there was a bearish reaction below the
$580 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 $571 and is currently consolidating losses. There is also
a key bullish trend line forming with support near $570 on the
hourly chart of the BNB/USD pair. There was a minor upward move
above the $575 level. The price cleared the 23.6% Fib retracement
level of the downward move from the $586 swing high to the $571
low. It is now trading below $580 and the 100 simple moving average
(4 hours). Immediate resistance is near the $578 level or the 50%
Fib retracement level of the downward move from the $586 swing high
to the $571 low. The next resistance sits near the $582 level. A
clear move above the $582 zone could send the price higher. In the
stated case, BNB price could test $588. A close above the $588
resistance might set the pace for a larger increase toward the $600
resistance. Any more gains might call for a test of the $612 level
in the coming days. More Losses? If BNB fails to clear the $582
resistance, it could continue to move down. Initial support on the
downside is near the $572 level and the trend line. The next major
support is near the $562 level. The main support sits at $550. If
there is a downside break below the $550 support, the price could
drop toward the $532 support. Any more losses could initiate a
larger decline toward the $525 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 – $572, $562,
and $550. Major Resistance Levels – $582, $588, and $600.
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