BNB Price Attempts Breakout, But $600 Remains a Key Resistance
BNB has started to recover from the $575 support zone, consolidating recent gains and attempting to push past key resistance levels at $585 and $600.
Current Market Overview
Recovery Attempt: BNB is showing signs of recovery after dipping to $576. The price has climbed back above $580 and surpassed the 23.6% Fibonacci retracement level of the recent decline from the $594 high to the $576 low.
Resistance Levels: Despite the bounce, BNB remains below the $585 level and the 100-hourly simple moving average (SMA). A bearish trend line is also forming near $585 on the hourly BNB/USD chart, reinforcing this resistance.
Next Targets: A breakout above $585 could lead to a test of $588, the 61.8% Fib retracement level. A successful close above $588 may open the door to $595 and potentially $600. Sustained momentum could even challenge the $620 level in the near term.
Risk of Another Decline
Immediate Support: If BNB fails to clear $585, it could face renewed selling pressure. The first line of support lies at $580, followed by a stronger zone near $575.
Key Breakdown Level: A move below $575 may expose BNB to further losses, with $562 acting as a critical support. A break below $562 could trigger a drop toward $550, and possibly down to $535.
Technical Indicators
MACD (Hourly): Losing momentum, though still in the positive zone.
RSI (Hourly): Below the 50 level, indicating weakening bullish strength.
Key Levels
Support: $580, $575, $562
Resistance: $585, $588, $595, $600
