BNB Price Launches Recovery Bid: Will the Bounce Hold?

BNB
price
started
a
recovery
wave
from
the
$585
support
zone.
The
bulls
must
clear
the
$600
resistance
zone
to
push
the
price
into
a
positive
zone
in
the
near
term.

• BNB
  price
  extended
  losses
  and
  tested
  the
  $585
  support
  zone.
• The
  price
  is
  now
  trading
  below
  $600
  and
  the
  100-hourly
  simple
  moving
  average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  at
  $595
  on
  the
  hourly
  chart
  of
  the
  BNB/USD
  pair
  (data
  source
  from
  Binance).
• The
  pair
  could
  start
  a
  fresh
  increase
  if
  it
  stays
  above
  the
  $585
  support.

BNB
Price
Holds
Support

After
a
decent
increase,
BNB
price
struggled
near
the
$615
resistance.
As
a
result,
there
was
a
bearish
reaction
below
the
$600
support,
like

Ethereum
and

Bitcoin.

The
price
dipped
below
the
$595
support
and
the
100
simple
moving
average
(4
hours).
It
traded
as
low
as
$586
and
recently
started
a
recovery
wave.
There
was
a
move
above
the
$595
resistance
zone,
and
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$613
swing
high
to
the
$586
low.

There
was
a
break
above
a
key
bearish
trend
line
with
resistance
at
$595
on
the
hourly
chart
of
the
BNB/USD
pair.
However,
the
bears
were
active
near
the
$600
level
or
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$613
swing
high
to
the
$586
low.

The
price
is
now
trading
below
$600
and
the
100-hourly
simple
moving
average.
Immediate
resistance
is
near
the
$600
level.
The
next
resistance
sits
near
the
$602
level.

A
clear
move
above
the
$602
zone
could
send
the
price
higher.
In
the
stated
case,
BNB
price
could
test
$615.
A
close
above
the
$615
resistance
might
set
the
pace
for
a
larger
increase
toward
the
$620
resistance.
Any
more
gains
might
call
for
a
test
of
the
$632
level
in
the
coming
days.

More
Losses?

If
BNB
fails
to
clear
the
$600
resistance,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$592
level
and
the
trend
line.

The
next
major
support
is
near
the
$585
level.
The
main
support
sits
at
$572.
If
there
is
a
downside
break
below
the
$572
support,
the
price
could
drop
toward
the
$560
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
bearish
zone.

Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
BNB/USD
is
currently
below
the
50
level.

Major
Support
Levels
–
$585
and
$572.

Major
Resistance
Levels
–
$600
and
$602.