BNB Price Consolidates Above $590, Eyes Resistance at $605

BNB price is consolidating above the $600 level and may aim for an increase past $605.

BNB price began a correction from the $612 resistance zone.
The current trading price is above $590 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $595 on the hourly chart of the BNB/USD pair (data source: Binance).
The price needs to stay above $588 to initiate another increase soon.

BNB Price Holds Support

Following a close above $585, BNB price extended its gains but faced limitations above $610, unlike Ethereum and Bitcoin.

After dropping below $605 and $600, the price also fell beneath the 23.6% Fibonacci retracement level of the upward move from the $543 swing low to the $611 high. Currently, it maintains gains above $580.

BNB trades above $595 and the 100-hourly simple moving average, supported by a bullish trend line at $595.

If a fresh increase occurs, resistance may appear near $605, followed by $612. A clear move above $612 could push BNB toward $620. A close above $620 might lead to further moves toward $632, with potential tests of the $650 level in the near term.

More Losses?

Should BNB fail to exceed the $605 resistance, a decline may occur. Initial support is around $595 and the trend line, while major support levels are near $578 or the 50% Fibonacci retracement level of the upward move from $543 to $611.

The primary support level is at $570. A break below this could result in a drop toward $560, with further losses potentially leading to a decline toward $550.

Technical Indicators:

Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below 50.
Major Support Levels – $595 and $578.
Major Resistance Levels – $605 and $612.