BNB Price Poised for Fresh Increase: Will Momentum Build?
22 Octobre 2024 - 7:58AM
NEWSBTC
BNB price corrected gains below the $605 level. The price is now
holding the key $588 support and might aim for a fresh increase.
BNB price started a downside correction from the $612 resistance
zone. The price is now trading below $600 and the 100-hourly simple
moving average. There is a key bullish trend line forming with
support 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 Could Regain
Traction After a decent upward move, BNB price saw a rejection
pattern nears the $612 zone. A high was formed at $611 and the
price started a downside correction like Ethereum and Bitcoin.
There was a move below the $605 and $600 levels. The price even
dipped below $592 before the bulls appeared near $590. A low was
formed at $591 and the price is now consolidating. It climbed above
the $598 level and the 23.6% Fib retracement level of the downward
move from the $611 swing high to the $591 low. The price is now
trading below $600 and the 100-hourly simple moving average. If
there is a fresh increase, the price could face resistance near the
$602 level or the 50% Fib retracement level of the downward move
from the $611 swing high to the $591 low. The next resistance sits
near the $610 level. A clear move above the $610 zone could send
the price higher. In the stated case, BNB price could test $620. A
close above the $620 resistance might set the pace for a larger
move toward the $632 resistance. Any more gains might call for a
test of the $650 level in the near term. More Losses? If BNB fails
to clear the $605 resistance, it could start another decline.
Initial support on the downside is near the $592 level. The next
major support is near the $588 level. The main support sits at
$588. If there is a downside break below the $580 support, the
price could drop toward the $575 support. Any more losses could
initiate a larger decline toward the $565 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 –
$592 and $588. Major Resistance Levels – $605 and $612.
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