$BNB

The price of BNB seeks a new rebound

After a considerable increase, the price of BNB struggled to stabilize above the level of 620 dollars. It began a pullback from the high of 619 dollars, like Ethereum and Bitcoin.

There was a drop below the support zone of 600 dollars. The price even fell below the level of 580 dollars. A low was formed at 559 dollars and the price recently started a decent recovery wave. There was a move above the level of 570 dollars. The price rose above the 23.6% Fibonacci retracement level of the downward movement from the swing high of 619 dollars to the low of 559 dollars.

There was a breakout above a key downtrend line with resistance at 578 dollars on the hourly chart of the BNB/USD pair. The price is now trading between 620 dollars.

If there is a new increase, the price could face resistance near the level of 640 dollars or the 50% Fibonacci retracement level of the downward movement from the swing high of 648 dollars to the low of 596 dollars. The next resistance is near the level of 620 dollars. A clear move above the 620 dollar zone could drive the price up.