BNB Price Poised to Rally—If It Can Overcome This Hurdle

BNB price is recovering losses from the $540 support zone. The price is rising and might aim for a fresh move toward the $635 resistance.

• BNB price is struggling to clear the $585 resistance zone.
• The price is now trading near $580 and the 100-hourly simple moving average.
• There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair must stay above the $560 level to start another increase in the near term.

BNB Price Eyes Fresh Surge

After a decent increase, BNB price struggled to settle above the $620 level. It started a pullback from the $619 high, like Ethereum and Bitcoin.

There was a drop below the $600 support zone. The price even dived below the $580 level. A low was formed at $559 and the price recently started a decent recovery wave. There was a move above the $570 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $559 low.

There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair. The price is now trading near $580 and the 100-hourly simple moving average.

If there is a fresh increase, the price could face resistance near the $590 level or the 50% Fib retracement level of the downward move from the $619 swing high to the $559 low. The next resistance sits near the $595 level. A clear move above the $595 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 $570 level. The next major support is near the $560 level.

The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $510 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

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

Major Support Levels – $560 and $540.

Major Resistance Levels – $590 and $605.

Source