BNB Price Faces Challenges: Will It Hold $550 and Bounce Back?
August 27 2024 - 1:48AM
NEWSBTC
BNB price is struggling to stay above the $550 support zone. The
price could start a fresh increase if it clears the $560 resistance
zone. BNB price started a fresh decline from the $592 resistance
zone. The price is now trading below $565 and the 100-hourly simple
moving average. There is a connecting bearish trend line forming
with resistance at $560 on the hourly chart of the BNB/USD pair
(data source from Binance). The pair could gain bullish momentum if
it clears the $560-$562 resistance zone. BNB Price Eyes Recovery
After struggling to test the $600 resistance, BNB price started a
fresh decline like Ethereum and Bitcoin. The price declined below
the $585 and $572 support levels. There was also a move below $560.
Finally, the price found support at $548. A low was formed at $547
and the price is now consolidating losses. There is also a
connecting bearish trend line forming with resistance at $560 on
the hourly chart of the BNB/USD pair. The pair is now trading below
$565 and the 100-hourly simple moving average. If there is a
recovery wave, the price could face resistance near the $558 level
and the trend line. It is close to the 23.6% Fib retracement level
of the downward move from the $592 swing high to the $547 low. The
next resistance sits near the $562 level. A clear move above the
$562 zone could send the price higher. In the stated case, BNB
price could test $570 or the 50% Fib retracement level of the
downward move from the $592 swing high to the $547 low. A close
above the $570 resistance might set the pace for a larger increase
toward the $585 resistance. Any more gains might call for a test of
the $592 level in the near term. More Downsides? If BNB fails to
clear the $560 resistance, it could start another decline. Initial
support on the downside is near the $550 level. The next major
support is near the $548 level. The main support sits at $542. If
there is a downside break below the $542 support, the price could
drop toward the $530 support. Any more losses could initiate a
larger decline toward the $515 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 – $550 and $548.
Major Resistance Levels – $560 and $570.
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