BNB price has started a recovery wave from the $585 support zone. Bulls need to overcome the resistance zone at $600 to push the price into the positive zone in the near future.

• BNB price extended losses and tested the $585 support zone.
• The price is currently below $600 and the 100-hour elementary moving average.
• There has been a break above the key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair could start a fresh rally if it holds above the support at $585.

BNB price maintains support

After a decent rally, the BNB price was struggling with resistance at $615. As a result, there was a bearish reaction below the $600 support, similar to Ethereum and Bitcoin.

The price fell below the support at $595 and the elementary moving average at 100 (4 hours). Its quotations reached only $586 and waves of recovery have recently begun. There was a move above the $595 resistance zone, and the 23.6% Fib retracement level marked a move down from the $613 high to the $586 low.

There has been a break above the key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, bears were energetic near the $600 level or 50% Fib retracement level during the move down from the $613 high to the $586 low.

The price is currently below $600 and the 100-hour elementary moving average. Immediate resistance is near the $600 level. The next resistance is near the $602 level.

A clear move above the $602 zone may result in a price escalate. In the given case, the BNB price could test $615. A close above the $615 resistance could set the pace for a larger rally towards the $620 resistance. Further increases may mean a test of the $632 level in the coming days.

More losses?

If BNB does not break the resistance at $600, it may continue to decline. Initial downside support is located near the $592 level and the trend line.

The next significant support is near the $585 level. The main support is USD 572. If there is a break below the support at $572, the price could fall towards the support at $560. Larger losses could trigger a larger decline towards the $550 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.

Main support levels – USD 585 and USD 572.

Major resistance levels – $600 and $602.