BNB Coin’s Price Teeters on Critical Support: Will a Recovery Follow?

BNB Coin's Price Teeters on Critical Support: Will a Recovery Follow?

BNB Price Correction Overview

BNB price initiated a downside correction from the $585 zone, failing to breach this resistance level. To resume an upward trend, the price must maintain support above $570 in the short term.

Price Decline and Current Position

Following the rejection at $585, BNB’s price began a fresh decline, currently trading below $580 and the 100 simple moving average (4 hours).

On the hourly chart of the BNB/USD pair from Binance, a significant bullish trend line is visible, offering support near $570. Sustaining above this support could signal a potential uptrend continuation.

BNB Price Action and Resistance Levels

Despite a minor upward movement above $575, BNB faces immediate resistance near $578 and subsequently near $582. A breakthrough above $582 may propel the price towards $588, with further gains targeting the $600 resistance level.

Potential Downside and Support Levels

If BNB fails to surpass the $582 resistance, it might experience further downside pressure. Initial support is anticipated near $572, followed by a significant level at $562. The primary support lies at $550, and a breach below this could lead to a decline towards $532, potentially extending to $525.

Technical Indicators

  • Hourly MACD – The MACD for BNB/USD indicates a slowdown in bearish momentum.
  • Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Summary of Key Levels

  • Major Support Levels – $572, $562, and $550.
  • Major Resistance Levels – $582, $588, and $600.

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