The price of BNB has recently seen a correction after attempting to gain above the $600 level. Currently, it is trading below $590 and is encountering resistance around that level, along with the 100-hourly simple moving average. The recent downturn followed a brief struggle to sustain levels above $605, leading to a decline that saw BNB dip below crucial support levels of $590 and $585.
Following a significant drop below $580 and $575, BNB touched a low of $565 before showing signs of recovery. The market began to rally from that low, with the price moving above $575 and surpassing the 50% Fibonacci retracement level of the latest decline. This upward movement was facilitated by a breach of a bearish trend line, which had been acting as resistance near $585.
Despite this recovery, BNB is still positioned below $590, and further upward momentum will hinge on overcoming this barrier. Should BNB manage to break past $590, it could encounter further resistance at the $598 level. A sustained movement above this level might open the door for a more substantial rally towards $605, and potentially up to $620 in the coming sessions.
Conversely, if BNB fails to breach the $590 resistance, the possibility of another decline looms large. The initial support level to watch is around $585, followed by a significant level at $572. A downward breach below $572 could lead to a more pronounced decline, potentially reaching toward the $550 level if selling pressure persists.
Technical indicators indicate a loss of bullish momentum, with the hourly MACD trending down, while the Relative Strength Index remains around the midpoint. Observers are keeping a close eye on key support and resistance levels as market dynamics continue to evolve.
