💥💥💥 $BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles?
BNB Price Targets Higher Levels Amid Recovery
BNB has started a recovery from the $550 support zone, currently consolidating and facing resistance near $585 and $592.
Current Price Movement
- Recovery Initiation: BNB began rising from $550.
- Current Position: Trading above $575 and the 100-hourly simple moving average.
- Chart Pattern: A short-term rising channel with support at $578 on the hourly chart (source: Binance).
Recent Performance
- Decline: BNB fell from $592, dropping below $575 and $560 before finding support at $550.
- Recovery: Climbed above $565 and $575.
- Fibonacci Retracement: Surpassed the 61.8% retracement level of the $593 to $550 drop.
- Resistance: Immediate at $583 (76.4% retracement level); next at $585.
Potential Upside
- Above $585: Could push to $592, and a close above might lead to $620 and possibly $632.
Potential Downside
- Failure at $585: May decline to $578, then $572, and possibly $565. A break below $565 could lead to $550 and further to $532.
Technical Indicators
- MACD: Losing pace in the bullish zone.
- RSI: Above 50, indicating #BullishSentiment .
Support and Resistance Levels
- Support: $572, $565.
- Resistance: $585, $592.
Summary
BNB is recovering from $550, with targets above $585 for further gains. Failure to surpass $585 could lead to declines towards $565 and $550.
Source - newsbtc.com
