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

How To Get Free Crypto  

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.

Source:

BNBUSD
on
TradingView.com

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.

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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.

Go to Source
Author: Aayush Jindal


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