BNB Price Aims To Reclaim $600: Will The Bulls Succeed?
28 Octobre 2024 - 6:08AM
NEWSBTC
BNB price corrected gains below the $580 level. The price is now
recovering higher and facing hurdles near the $590 resistance zone.
BNB price started a downside correction from the $600 resistance
zone. The price is now trading below $590 and the 100-hourly simple
moving average. There was a break above a connecting bearish trend
line with resistance at $585 on the hourly chart of the BNB/USD
pair (data source from Binance). The pair must stay above the $590
level to start another increase in the near term. BNB Price Aims
Fresh Increase After struggling above $605, BNB price saw a
downside correction. The price dipped below the $590 and $585
support levels like Ethereum and Bitcoin. There was a move below
the $580 and $575 levels. The price even dipped below $572 before
the bulls appeared near $590. A low was formed at $565 and the
price is now correcting losses. It climbed above the $575 level and
the 50% Fib retracement level of the downward move from the $598
swing high to the $565 low. There was a break above a connecting
bearish trend line with resistance at $585 on the hourly chart of
the BNB/USD pair. The price is now trading below $590 and the
100-hourly simple moving average. If there is a fresh increase, the
price could face resistance near the $590 level or the 76.4% Fib
retracement level of the downward move from the $598 swing high to
the $565 low. The next resistance sits near the $598 level. A clear
move above the $598 zone could send the price higher. In the stated
case, BNB price could test $605. A close above the $605 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. Another Decline? If BNB fails to clear the $590 resistance,
it could start another decline. Initial support on the downside is
near the $585 level. The next major support is near the $582 level.
The main support sits at $572. If there is a downside break below
the $572 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 losing
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BNB/USD is currently near the 50 level. Major Support
Levels – $585 and $582. Major Resistance Levels – $590 and $598.
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