BNB price has been facing challenges as it struggles to stay above the $550 support zone. There is hope for a potential recovery if the price manages to clear the $560 resistance zone.
The recent decline in BNB price started from the $592 resistance zone, leading to the price dropping below $565 and the 100-hourly simple moving average. On the hourly chart of the BNB/USD pair sourced from Binance, a bearish trend line is forming with resistance at $560. The pair could potentially gain bullish momentum if it successfully breaks above the $560-$562 resistance zone.
After being unable to test the $600 resistance level, BNB price experienced a fresh decline similar to Ethereum and Bitcoin. The price fell below key support levels at $585, $572, and eventually $560 before finding support at $548. Currently, the price is consolidating losses with a low at $547. The bearish trend line connecting with resistance at $560 suggests the potential for a recovery, although the pair is currently trading below $565 and the 100-hourly simple moving average.
If a recovery wave occurs, the price could face resistance near $558 and the trend line. This level is close to the 23.6% Fib retracement level of the downward move from the $592 swing high to the $547 low. The next hurdle for the price would be at $562, and a clear break above this level could lead to a test of $570 or the 50% Fib retracement level of the downward move.
A successful close above the $570 resistance could pave the way for a larger increase toward $585, with further gains possibly testing the $592 level in the near future.
On the flip side, failure to clear the $560 resistance zone could trigger another decline. Initial support levels to watch include $550 and $548, with the main support standing at $542. A break below $542 could lead to a drop towards $530, with further losses potentially targeting the $515 level.
Looking at technical indicators, the hourly MACD for BNB/USD is showing signs of losing pace in the bearish zone, while the hourly RSI is currently below the 50 level. Major support levels to keep an eye on are $550 and $548, with resistance levels at $560 and $570.
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In conclusion, the struggle of BNB price to maintain its position above the $550 support zone highlights the ongoing battle between bulls and bears in the market. The potential for a fresh increase if the resistance at $560 is cleared shows the resilience of buyers to push the price higher. Traders and investors are closely monitoring key levels and indicators to gauge the strength of the current trend and determine their strategies moving forward. As the market dynamics continue to evolve, staying informed with reliable news sources such as DeFi Daily News can help individuals make sound decisions and stay ahead of the curve in the ever-changing world of cryptocurrency.
