In recent trading, Binance Coin (BNB) has shown signs of recovery as it bounced back from the $585 support level. This comes after a period of extended losses that saw the price dipping below $600 and the 100-hourly simple moving average. The bulls are now eyeing the $600 resistance zone in order to push the price into a positive territory in the near term.
Despite the initial recovery, BNB price faced resistance near the $615 level which led to a bearish reaction. The price dropped below the $600 support and even breached the $595 support along with the 100 simple moving average on the 4-hour chart. However, there was a glimmer of hope as the price managed to move back above the $595 resistance zone and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.
Currently, BNB is trading below the $600 level and the 100-hourly simple moving average. The immediate resistance lies at the $600 level, followed by the $602 level. A clear break above the $602 zone could signal a further upward move towards $615, with a potential test of the $620 resistance level. Conversely, failure to clear the $600 resistance could lead to a continuation of the downward trend. Initial support is seen around the $592 level, followed by the trend line at $585 and the major support at $572.
Technical Indicators and Outlook
Looking at the hourly MACD for BNB/USD, it is evident that the bearish momentum is losing steam. Meanwhile, the hourly RSI indicates that the asset is currently below the 50 level, suggesting a slightly bearish sentiment. Major support levels to watch out for include $585 and $572, while resistance levels are at $600 and $602.
The recent price action of Binance Coin has shown signs of recovery but with significant resistance around the $600 level. Traders and investors will be closely monitoring the key support and resistance levels mentioned above to gauge the future direction of BNB price movement.