BNB Price Launches Recovery Bid: Will the Bounce Hold?

[Bitcoin]

BNB Price Launches Recovery Bid: Will the Bounce Hold?

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.

Source: BNB Price Launches Recovery Bid: Will the Bounce Hold?