BNB Price Aims Higher from the $550 Support

BNB price started a recovery wave from the $550 support level. Price is currently consolidating and facing resistance near $585 and $592.

BNB price is starting to recover from the $550 support. The price is currently consolidating and faces resistance near the $585 and $592 levels.

BNB Price Target Higher After days of steady decline from the $592 resistance, BNB price started falling below the $575 support and $560 levels. Finally, bulls emerged near $550. A low was formed at $550.8 and the price has recently begun to recover. The price broke above the $565 and $75 resistance levels. The price exceeded the 61.8% Fibonacci retracement level of the downtrend from the $593 high to $550 low. A short-term ascending channel is also forming with support at $578 on the hourly chart of the BNB/USD pair.

The price is currently trading above $575 and the 100 hourly simple moving average. Immediate resistance is near the $583 level or near the 76.4% Fibonacci retracement level of the downtrend from the $593 high to $550 low. The next resistance is near $585. A clear break above the $585 area could push the price higher. In this case, BNB price could test $592. A close above the $592 resistance could set the pace for larger gains towards the $620 resistance. Any further gains may require a test of the $632 level in the coming days.

Falling again? If BNB fails to break above the $585 resistance, it may start to decline again. Primary support on the downside is near the $578 level and the channel trendline. The next major support is near the $572 level. The main support is located at $565. If there is a break below the $565 support, the price may drop towards the $550 support. Any further losses could trigger a deeper decline towards the $532 level.

Technical Indicators Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major support levels – $572 and $565. Major resistance levels – $585 and $592.

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