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
- Major Support Levels: $572, $565
- Major Resistance Levels: $585, $592
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
