BNB Price Could Regain Momentum: Is an Upswing Coming?
October 01 2024 - 12:28AM
NEWSBTC
BNB price corrected gains below the $600 level. The price is now
holding the key $565 support and might aim for a fresh increase.
BNB price started a downside correction from the $620 resistance
zone. The price is now trading below $590 and the 100-hourly simple
moving average. There is a key bearish trend line forming with
resistance at $585 on the hourly chart of the BNB/USD pair (data
source from Binance). The pair must stay above the $565 level to
start another increase in the near term. BNB Price Extends Rally
After a major upward move, BNB price saw a rejection pattern nears
the $620 zone. A high was formed at $618 and the price started a
downside correction like Ethereum and Bitcoin. There was a move
below the $600 and $590 levels. The price even dipped below $580
before the bulls appeared near $565. A low was formed at $564 and
the price is now rising. It climbed above the $570 level and now
approaches the 23.6% Fib retracement level of the downward move
from the $618 swing high to the $564 low. The price is now trading
below $585 and the 100-hourly simple moving average. If there is a
fresh increase, the price could face resistance near the $580
level. The next resistance sits near the $585 level. There is also
a key bearish trend line forming with resistance at $585 on the
hourly chart of the BNB/USD pair. A clear move above the $585 zone
could send the price higher. In the stated case, BNB price could
test $600 or the 61.8% Fib retracement level of the downward move
from the $618 swing high to the $564 low at $597. A close above the
$600 resistance might set the pace for a larger move toward the
$620 resistance. Any more gains might call for a test of the $650
level in the near term. More Losses? If BNB fails to clear the $585
resistance, it could start another decline. Initial support on the
downside is near the $570 level. The next major support is near the
$565 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
$520 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 near the 50 level. Major
Support Levels – $565 and $550. Major Resistance Levels – $585 and
$600.
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024