Key Takeaways:
– BNB price is finding it challenging to stay firm above the $600 mark.
– Despite undergoing a downside correction, the price maintains a position above $590 and the 100-hourly simple moving average.
– The BNB/USD pair exhibits an impending bullish trend with support at $595.
– A substantial move above the $612 zone could pave the way for further growth, potentially hitting $650 in the near term.
– If BNB fails to clear the $605 resistance, a potential decline could ensue.
– The main support is at $570. Any break below this could lead to a decline towards the $550 mark.
BNB Price Fluctuations: A Closer Look
Having survived a close surpassing the $585 level, an increase in the BNB price was observed. However, a substantial surge was curbed above the $610 level. The price remained relatively stable, contrasting with the likes of Ethereum and Bitcoin. The BNB price dipped below the $605 and $600 levels and even below the 23.6% Fib retracement level. However, it stays firm above the $580 level. Currently, the BNB price is sailing above $595, along with the 100-hourly simple moving average.
Imminent Possibility of Growth
A fresh upswing could see the price meeting resistance at the $605 mark. The next resistance is positioned at the $612 level. If the $612 resistance level is successfully surpassed, a potential surge could be on the horizon. In such an event, the BNB price might be propelled to test the $620 resistance. With a sustained level above the $620 mark, a more considerable surge could be well on the cards. It may aim towards the $632 level. Barring any unforeseen circumstances, additional gains might even see the BNB price testing the $650 benchmark in the forthcoming period.
The Flip Side: The Potential of a Downward Trend
However, it’s not a bed of roses as the scenario also presents the possibilities of a downside. Failing to surpass the $605 resistance could trigger another decline in the BNB price. In such a case, the initial support is close, at the $595 level. Following this, the more significant support is near the $578 level. This coincides with the 50% Fib retracement level from the $543 swing low to the $611 high.
Notably, the crucial support level lies at $570. A downside break falling below the $570 support could tip the scales. It could potentially push the price to the $560 mark. Extensive losses could indicate a larger decline leaning towards the $550 mark.
Considering the Technical Indicators.
Observing the hourly MACD, indicating the moving average convergence divergence for BNB/USD, is slowing down in the bullish zone. The hourly RSI (Relative Strength Index) for BNB/USD currently falls below the 50 levels. The major support levels are $595 and $578, while the major resistance levels are $605 and $612.
The future of BNB price depends on its ability to clear the resistance and maintain the support levels while battling the volatile market conditions. Crypto traders and observers remain on the edge as they anticipate the coin’s next big move.