BNB Coin Price Reaches Critical Support Level: Is There a Rebound on the Horizon?

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BNB price started a downward correction from the $585 zone. To start a modern rally in the near future, the price needs to stay above $570.

  • BNB price started a modern decline after failing to break the resistance zone at $585.
  • The price is currently below $580 and the uncomplicated moving average of 100 (4 hours).
  • A key bullish trendline is forming on the hourly chart of the BNB/USD pair with support near $570 (data source from Binance).
  • The pair could start a modern rally if it holds above the support at $570.

BNB price maintains support

After a decent rally, the BNB price was struggling with resistance at $585. As a result, there was a bearish reaction below the support at $580, similar to what happened with Ethereum and Bitcoin.

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The price fell below the support at $575 and the uncomplicated moving average at 100 (4 hours). Its quotations reached only $571 and are currently consolidating losses. A key bullish trendline is also forming on the hourly chart of the BNB/USD pair with support near $570.

There was a slight upward move above the $575 level. The price broke through the 23.6% Fib retracement level in a move down from a high of $586 to a low of $571. It is currently trading below $580 and the uncomplicated moving average of 100 (4 hours).

Immediate resistance is located near the $578 level or the 50% Fib retracement level on the move down from the $586 high to the $571 low. The next resistance is near the $582 level.

A clear move above the $582 zone may result in a price enhance. In the given case, the BNB price could test $588. A close above the $588 resistance could set the pace for a larger rally towards the $600 resistance. Further increases may mean a test of the $612 level in the coming days.

More losses?

If BNB does not overcome the resistance at $582, the price may continue to decline. Initial downside support is located near the $572 level and the trend line.

The next crucial support is near the $562 level. The main pledge is $550. If there is a break below the $550 support, the price could fall towards the $532 support. Larger losses could trigger a larger decline towards the $525 level.

Technical indicators

Hourly MACD – MACD for BNB/USD is losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major support levels – $572, $562 and $550.

Major resistance levels – $582, $588 and $600.

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