The price of BNB has experienced a correction following its recent high of $612. Currently, it is trading below $595 and has fallen below the 100-hourly simple moving average, indicating some bearish sentiment in the market. A bearish trend line is emerging, and it presents resistance around the $595 level on the hourly chart for the BNB/USD pair. For a potential recovery, BNB must maintain support above $588.
After reaching the $612 level, the BNB price encountered selling pressure that pushed it below both the $605 and $600 support levels. Unlike its counterparts, Bitcoin and Ethereum , BNB dropped below $598 and $595, even crossing below the 23.6% Fibonacci retracement level of the recent upward movement from $565 to $612. The bearish trend line at $595 suggests that any upward movement may face challenges at this level in the short term.
Resistance for BNB is situated at the $600 level. A substantial shift above this level could pave the way for a retest of the $612 peak. Successfully breaking through $612 could trigger further upward momentum, possibly reaching toward $620 and even $632 if bullish conditions persist.
On the other hand, if BNB is unable to breach the crucial $595 resistance, it might initiate another downward movement. The immediate support level is near $590, while a more significant support level is located at $588, corresponding to the 50% Fibonacci retracement level from the recent rally. Should the price breach the $576 support, it could lead to a decline toward the $565 range. Additional losses below this level could open the door to a sharper downturn toward the $550 level.
From a technical perspective, the hourly MACD is gaining strength in the bearish territory, while the RSI indicates a reading below 50, reflecting a lack of upward momentum for BNB at present. Overall, the critical support levels remain at $588 and $576, with resistance poised at $595 and $600.
