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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

BNB Price Recovery in Limbo: Potential Cap Looms Amid Market Uncertainties

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BNB price is showing bearish signs below the $600 level. The price must settle above the $575 and $585 resistance levels to gain bullish momentum.

  • BNB price started a fresh decline after it failed to clear the $600 resistance zone.
  • The price is now trading below $585 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum if it clears the $585 resistance zone.

BNB Price Dips Again

After a decent increase, BNB price struggled near the $600 resistance. As a result, there was a bearish reaction below the $585 support, like Ethereum and Bitcoin.

The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low as $561 and is currently consolidating losses. There was a minor upward move above the $565 level. The price tested the 23.6% Fib retracement level of the downward move from the $600 swing high to the $561 low.

It is now trading below $585 and the 100 simple moving average (4 hours). Immediate resistance is near the $575 level. There is also a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair.

The next resistance sits near the $585 level or the 61.8% Fib retracement level of the downward move from the $600 swing high to the $561 low. A clear move above the $585 zone could send the price higher.

BNB Price

In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $680 level in the coming days.

More Losses?

If BNB fails to clear the $575 resistance, it could continue to move down. Initial support on the downside is near the $560 level.

The next major support is near the $550 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $510 support. Any more losses could initiate a larger decline toward the $500 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 – $565, $550, and $532.

Major Resistance Levels – $575, $585, and $600.

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