BNB Price Launches Recovery Bid: Will the Bounce Hold?
May 30 2024 - 10:58PM
NEWSBTC
BNB price started a recovery wave from the $585 support zone. The
bulls must clear the $600 resistance zone to push the price into a
positive zone in the near term. BNB price extended losses and
tested the $585 support zone. The price is now trading below $600
and the 100-hourly simple moving average. There was a break above a
key bearish trend line with resistance at $595 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 $585 support. BNB
Price Holds Support After a decent increase, BNB price struggled
near the $615 resistance. As a result, there was a bearish reaction
below the $600 support, like Ethereum and Bitcoin. The price dipped
below the $595 support and the 100 simple moving average (4 hours).
It traded as low as $586 and recently started a recovery wave.
There was a move above the $595 resistance zone, and the 23.6% Fib
retracement level of the downward move from the $613 swing high to
the $586 low. There was a break above a key bearish trend line with
resistance at $595 on the hourly chart of the BNB/USD pair.
However, the bears were active near the $600 level or the 50% Fib
retracement level of the downward move from the $613 swing high to
the $586 low. The price is now trading below $600 and the
100-hourly simple moving average. Immediate resistance is near the
$600 level. The next resistance sits near the $602 level. A clear
move above the $602 zone could send the price higher. In the stated
case, BNB price could test $615. A close above the $615 resistance
might set the pace for a larger increase toward the $620
resistance. Any more gains might call for a test of the $632 level
in the coming days. More Losses? If BNB fails to clear the $600
resistance, it could continue to move down. Initial support on the
downside is near the $592 level and the trend line. The next major
support is near the $585 level. The main support sits at $572. If
there is a downside break below the $572 support, the price could
drop toward the $560 support. Any more losses could initiate a
larger decline toward the $550 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 – $585 and $572.
Major Resistance Levels – $600 and $602.
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