BNB Price Slips as Peers Climb: Can It Regain Ground?
31 Octobre 2024 - 6:48AM
NEWSBTC
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.
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