Обновлено 31 October
BNB Price Corrects Below $595 Amid Bearish Signals
BNB price corrected gains from the $612 level, showing bearish signs while Bitcoin and Ethereum aim for further gains.
- BNB price began a downside correction from the $612 resistance zone.
- The price is trading below $595 and the 100-hourly simple moving average.
- A bearish trend line forms with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must remain above the $588 level to initiate another increase in the near term.
BNB Price Dips Again
After struggling above $612, BNB price experienced a downside correction, dropping below the $605 and $600 support levels, unlike Ethereum and Bitcoin.
The price fell below the $598 and $595 levels, dipping beneath the 23.6% Fib retracement level of the upward move from the $565 swing low to the $612 high. A bearish trend line is forming with resistance at $595 on the hourly chart.
Currently, the price is below $595 and the 100-hourly simple moving average. A fresh increase could encounter resistance near the $595 level or the trend line.
The next resistance is around the $600 level. A clear movement above this zone could lead to testing the $612 level, with a close above setting the stage for a potential move toward $620. Further gains might test the $632 level soon.
More Losses?
If BNB cannot surpass the $595 resistance, it may begin another decline. Initial support is near the $590 level, with major support around $588 or the 50% Fib retracement of the upward move from the $565 swing low to the $612 high.
The primary support lies at $576. A break below this level could result in a drop toward the $565 support, with further losses potentially leading to a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is increasing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $588 and $576.
Major Resistance Levels – $595 and $600.