The BNB price has recently shown signs of recovery as it bounced back from the $585 support zone. However, the bulls are facing a key challenge ahead as they need to break above the $600 resistance zone to shift the price into a positive zone in the near term.
Although the price initially struggled near the $615 resistance level, a subsequent bearish reaction caused the price to drop below $600. Similar to other cryptocurrencies like Ethereum and Bitcoin, BNB experienced losses and dipped below the $595 support level as well as the 100-hourly simple moving average.
Despite the recent recovery wave, the price is currently trading below the $600 mark and the 100-hourly simple moving average. The hourly chart of the BNB/USD pair also shows a break above a key bearish trend line with resistance at $595.
If the price manages to stay above the $585 support level, it could potentially start a fresh increase. Immediate resistance is expected near the $600 level, with the next resistance level sitting at $602. A clear move above $602 could lead to further price gains, with a possible test of $615 on the horizon.
On the downside, initial support is seen near the $592 level and the trend line, followed by major support at $585. The main support level lies at $572, and a break below this could lead to a drop towards the $560 support zone.
The Hourly MACD for BNB/USD is currently in the bearish zone and losing pace, indicating a potential downside continuation. The Hourly RSI is below the 50 level, suggesting bearish momentum in the short term.
While the recent recovery wave has provided some relief for BNB price, the bulls need to overcome the $600 resistance level to sustain the positive momentum. Failure to do so could result in further downside movement towards the support levels at $585 and $572. Traders and investors are advised to closely monitor the price action and key resistance levels to assess the future direction of BNB price movement.
