BNB Price Will Skyrocket: Could This Be the Next Gigantic Move?

The BNB price struggled to stay above the $600 zone. The price is consolidating gains and may aim to rise above the $605 level again.

BNB price started a downward correction from the resistance zone at $612.
The price is currently above $590 and the 100-hour basic moving average.
A connecting bullish trend line is forming on the hourly chart of the BNB/USD pair with support at USD 595 (data source from Binance).
The pair needs to stay above the $588 level to start another rally in the near future.

BNB price maintains support

After closing above $585, the BNB price continued to rise. However, the benefits were restricted above $610 and the price remained capped unlike Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even fell below the 23.6% Fib retracement level in an upward move from a low of $543 to a high of $611. However, the price is currently maintaining gains above the $580 level.

The price is currently above $595 and the 100-hour basic moving average. A connecting bullish trend line is also forming on the hourly chart of the BNB/USD pair with support at $595.

If a recent rally occurs, the price may face resistance near the $605 level. The next resistance is near the $612 level. A clear move above the $612 zone may result in a price enhance. In the given case, the BNB price could test $620. A close above the $620 resistance could set the pace for a larger move towards the $632 resistance. Further increases may result in a test of the $650 level in the near future.

More losses?

If BNB fails to break through the resistance at $605, another decline could begin. Initial downside support is located near the $595 level and the trend line. The next major support is located near the $578 level or the 50% Fib retracement level in an upward move from a low of $543 to a high of $611.

The main support is located at $570. If there is a break below the $570 support, the price could fall towards the $560 support. Larger losses could trigger a larger decline towards the $550 level.

Technical indicators

Hourly MACD – MACD for BNB/USD is losing momentum in the bullish zone.

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

Main support levels – $595 and $578.

Major resistance levels – $605 and $612.