BNB Price Recovery Stuck: Can It Break Through Under Heavy Pressure?
The current situation:
BNB price is recovering from the $400 support area but it is facing resistance at $490 and might still be at risk of another decline.
technical analysis:
BNB price started a recovery wave from the $400 support area.
The price is currently trading below $500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance at $490 on the hourly chart of the BNB/USD pair.
Future Outlook: If the pair fails to clear the $490-500 resistance zone, it could start another decline.
BNB Price Recovery Hits a Stranglehold: Breakout or Another Fall?
BNB price, like Ethereum and Bitcoin, gained bearish momentum below $500 in the past few days. The price declined below the $450 and $435 support levels before the bulls stepped in.
Recent Lows: The price low was formed at $403 and a recovery wave started recently.
Break of Key Resistance: The price climbed above the $435 and $440 resistance levels and it broke the 23.6% Fibonacci retracement level of the decline from the $576 high to $403 low and it surpassed the $465 resistance level.
Current Technical Position: The price is currently below $500 and the 100 hourly simple moving average and consolidating near the 50% Fibonacci retracement level of the downward move from the $576 high to $403 low.
On the upside, the price is likely to face resistance near $490. There is also a key bearish trend line forming with resistance at $490 on the hourly chart of the BNB/USD pair.
Failure to break out of the $490-500 resistance zone could lead to another decline in BNB price. A breakout of this zone will be key in the coming days.
BNB Price Recovery Hits a Stranglehold: Breakout or Pullback?
BNB price, like Ethereum and Bitcoin, gained bearish momentum below $500 in the past few days. The price declined below the $450 and $435 support levels before the bulls stepped in.
Recent Lows: The price low was formed at $403 and a recovery wave started recently.
Breaking through key resistance: The price climbed above the $435 and $440 resistance levels and it broke the 23.6% Fibonacci retracement level of the downward move from the $576 high to $403 low and it surpassed the $465 resistance level.
Current technical position:
The price is currently trading below $500 and the 100 hourly simple moving average and consolidating near the 50% Fibonacci retracement level of the downward move from the $576 high to $403 low.
Upward resistance:
$500: The next resistance is near the $500 level. A clear break above the $500 area could push the price higher.
$515: After breaking out of $500, a test of $515 is likely.
$540: A close above the $515 resistance will likely set the stage for further gains towards the $540 resistance.
$550: If the up move continues, it could test the $550 level in the near term.
Downside support:
$465: An initial support is seen near the $465 level.
$450: The next major support is near the $450 level.
$435: The main support is at $435. If it falls below this support, the price could drop towards the $420 support.
400 USD: If it falls further, it may trigger a deeper decline towards the $400 level.
