#Alpha2.0ProjectEvaluation

BNB price is recovering from the $588 support zone. The price is now correcting gains and might struggle to stay above the $600 support.

BNB price is attempting to recover above the $600 resistance zone.

The price is now trading below $610 and the 100-hourly simple moving average.

There is a short-term declining channel forming with resistance at $610 on the hourly chart of the BNB/USD pair (data source from Binance).

The pair must stay above the $600 level to start another increase in the near term.

BNB Price Faces Resistance

After forming a base above the $588 level, BNB price started a fresh increase. There was a move above the $600 and $610 resistance levels. It even recovered above the $615 level before the bears appeared, like Ethereum and Bitcoin.

A high was formed at $618 and the price is now correcting gains. There was a move below the $615 level. The price dipped below the 50% Fib retracement level of the upward move from the $587 swing low to the $618 high.

There is also a short-term declining channel forming with resistance at $610 on the hourly chart of the BNB/USD pair. The price is now trading below $610 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $610 level.