#bnb Can BNB Price Rise Again: Can Momentum Strengthen?
BNB price has fallen below $605. But the good news is that it is now stabilizing at the key support level of $588, with the potential to rise again.
The BNB price previously retraced from a high of $612. Now, the price has fallen below $600 and the 100-hour simple moving average.
However, on the hourly chart of BNB/USD, we see a key bullish trend line with support at $595 (data from Binance).
To rise again in the short term, the BNB price must hold above $588.
BNB Price Might Heat Up Again
After a previous surge, the BNB price encountered resistance near $612. After peaking at $611, it began to retrace, similar to Ethereum and Bitcoin.
The price fell below $605 and $600. Before bulls appeared near $590, the price even briefly dropped below $592. The lowest point was $591, and now the price is consolidating. It has risen back to $598, exceeding the 23.6% Fibonacci retracement from the $611 high to the $591 low.
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Currently, the price is still below $600 and the 100-hour simple moving average. If it is to rise again, it may encounter resistance near $602, or around the 50% Fibonacci retracement from the $611 high to the $591 low.
The next resistance level is near $610. If it can break above $610 significantly, the price may continue to rise. By that time, the BNB price might attempt to break $620. If the closing price can surpass the resistance level of $620, it could lay the foundation for a push towards the resistance level of $632. If it rises further, it may attempt to challenge $650 in the short term.
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