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.

BNB Price

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.