BNB Price Wants $600: Will Bulls Win?
BNB reversed gains below $580. Price is rising and hitting resistance at $590.
BNB began a downtrend from $600 barrier.
The price is below $590 and the 100-hourly SMA.
Binance's hourly BNB/USD chart showed a break over a negative trend line with resistance around $585.
To rise soon, the pair needs hold above $590.
BNB price to rise
BNB fell after battling above $605. Like Ethereum and Bitcoin, it fell below $590 and $585.
It fell below $580 and $575. The price dropped below $572 before bulls emerged at $590. The price is repairing losses after a $565 low. It broke over $575 and the 50% Fib retracement level of the $598 swing high to $565 low decline.
Break over a connecting negative trend line with resistance at $585 on the hourly BNB/USD chart. The price is below $590 and the 100-hourly SMA.
If prices rise, they may encounter resistance at $590 or the 76.4% Fib retracement level of the decline from the $598 swing high to the $565 low.
Around $598 is the next resistance. A decisive break over $598 might boost prices. In this instance, BNB may reach $605. Close over $605 barrier might lead to a move toward $620 resistance. More gains may challenge $632 soon.
Another Fall?
BNB may fall again if it fails to break $590 barrier. Initial downside support is $585. Near $582 is the next important support.
The major funding is $572. If the price breaks below $572, it might fall to $565. More losses might cause a drop to $550.
Tech Indicators
Hourly MACD - BNB/USD MACD is falling in the positive zone.
Hourly RSI (Relative Strength Index): BNB/USD is at 50.
Major Support Levels - $585 and $582.
Major resistance levels: $590, $598.
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