BNB price corrected gains from the $612 level. The price is now showing a few bearish signs while Bitcoin and Ethereum eye additional gains.
BNB price started a downside correction from the $612 resistance zone.
The price is now trading below $595 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $588 level to start another increase in the near term.
BNB Price Dips Again
After struggling above $612, BNB price saw a downside correction. The price dipped below the $605 and $600 support levels unlike Ethereum and Bitcoin.
There was a move below the $598 and $595 levels. The price even dipped below the 23.6% Fib retracement level of the upward move from the $565 swing low to the $612 high. There is also a connecting bearish trend line forming with resistance at $595 on the hourly chart of the BNB/USD pair.
The price is now trading below $595 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $595 level or the trend line.
The next resistance sits near the $600 level. A clear move above the $600 zone could send the price higher. In the stated case, BNB price could test $612. A close above the $612 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term.
More Losses?
If BNB fails to clear the $595 resistance, it could start another decline. Initial support on the downside is near the $590 level. The next major support is near the $588 level or the 50% Fib retracement level of the upward move from the $565 swing low to the $612 high.
The main support sits at $576. If there is a downside break below the $576 support, the price could drop toward the $565 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $588 and $576.
Major Resistance Levels – $595 and $600.
Source: NewsBTC.com
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