Binance Coin (BNB) is currently grappling with waning bullish momentum as it faces key resistance levels. Despite a recent recovery wave from the $550 support zone, BNB is now consolidating and struggling to break through the $585 and $592 barriers.
Recent Price Action
BNB price initiated a decent upward move from the $550 support zone and is currently trading above $575 and the 100-hourly Simple Moving Average (SMA). A short-term rising channel is forming with support at $578 on the hourly chart. The pair could gain bullish momentum if it closes above the $585 resistance.
However, like Ethereum and Bitcoin, BNB price has seen a steady decline from the $592 resistance in the past few days. There was a drop below the $575 support and $560, but bulls managed to step in near $550. A low was formed at $550.8, and the price recently started a recovery wave, moving above the $565 and $575 resistance levels.
Technical Outlook
The hourly chart of the BNB/USD pair indicates a short-term rising channel with support at $578. If BNB closes above the $585 resistance, it could gain bullish momentum. However, if it fails to break through, it may fall again, with initial downward support at the channel's trend line and $578. The next significant support is near $572, followed by major support at $565. A break below $565 could lead to a decline below $550, potentially resulting in further losses to $532.
The Hourly Moving Average Convergence Divergence (MACD) is falling in the positive zone, while the Hourly Relative Strength Index (RSI) is above 50.
Key Support and Resistance Levels
Conclusion
BNB is facing hurdles in its upward trajectory as bullish momentum wanes. The ability to break through the $585 and $592 resistance levels will be crucial for further gains. Traders and investors should closely monitor these levels and other technical indicators to make informed decisions.
June 2024, Cryptoniteuae