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2024-05-20 03:18:52

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

BNB price started a downside correction from the $585 zone. The price must stay above $570 to start a fresh increase in the near term. BNB price started a fresh decline after it failed to clear the $585 resistance zone. The price is now trading below $580 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $570 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could start a fresh increase if it stays above the $570 support. BNB Price Holds Support After a decent increase, BNB price struggled near the $585 resistance. As a result, there was a bearish reaction below the $580 support, like Ethereum and Bitcoin. The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low as $571 and is currently consolidating losses. There is also a key bullish trend line forming with support near $570 on the hourly chart of the BNB/USD pair. There was a minor upward move above the $575 level. The price cleared the 23.6% Fib retracement level of the downward move from the $586 swing high to the $571 low. It is now trading below $580 and the 100 simple moving average (4 hours). Immediate resistance is near the $578 level or the 50% Fib retracement level of the downward move from the $586 swing high to the $571 low. The next resistance sits near the $582 level. A clear move above the $582 zone could send the price higher. In the stated case, BNB price could test $588. A close above the $588 resistance might set the pace for a larger increase toward the $600 resistance. Any more gains might call for a test of the $612 level in the coming days. More Losses? If BNB fails to clear the $582 resistance, it could continue to move down. Initial support on the downside is near the $572 level and the trend line. The next major support is near the $562 level. The main support sits at $550. If there is a downside break below the $550 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $525 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the 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.