BNB price is currently facing bearish signs as it struggles to break above the $600 level. In order to gain bullish momentum, the price must surpass the $575 and $585 resistance levels. However, recent attempts to clear the $600 resistance zone have been unsuccessful, leading to a fresh decline in BNB price.
After failing to break above the $600 resistance zone, BNB price experienced a bearish reaction, similar to Ethereum and Bitcoin. As a result, the price dropped below the $585 support level and the 100 simple moving average (4 hours), reaching as low as $561 before consolidating losses.
Currently, BNB price is trading below $585 and the 100 simple moving average (4 hours), indicating a bearish trend. There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair, suggesting further downside potential if the price fails to clear the resistance levels.
If BNB price manages to clear the $585 resistance zone, it could potentially gain bullish momentum. The next resistance levels to watch are near $575 and $600, with a successful break above $600 setting the stage for a larger increase towards the $650 and $680 resistance levels.
On the other hand, if the price fails to clear the $575 resistance, it could continue to move downwards. Initial support is expected near the $560 level, followed by major support levels at $550 and $532. A break below the $532 support could lead to further losses towards the $510 and $500 levels.
Looking at the technical indicators, the hourly MACD for BNB/USD is showing signs of losing pace in the bearish zone. Additionally, the hourly RSI (Relative Strength Index) is currently below the 50 level, indicating a negative sentiment in the market.
BNB price is currently facing downward pressure as it struggles to break above key resistance levels. The inability to clear the $575 and $585 levels could lead to further losses towards major support levels. On the other hand, a successful break above $600 could pave the way for a potential rally towards higher resistance levels. Traders and investors should carefully monitor these key levels and technical indicators to make informed decisions in the volatile cryptocurrency market.