BNB Price Recovers Above $610, Eyes $632 Resistance
BNB price is recovering from the $595 support zone and is moving higher, targeting the $632 resistance.
- Price is above the $610 resistance.
- Currently trading below $630 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $618.
- Must maintain above $595 for potential increases.
Price Movement Analysis
BNB formed a base above $590 and has increased past key resistance levels of $600 and $610. It surpassed the 50% Fibonacci retracement level from the $632 high to the $595 low but faces resistance around $615 and $618.
The price is below $620 and the 100-hourly SMA. A successful increase could encounter resistance near $618, with further resistance at $622 or the 76.4% Fibonacci level.
A move above $622 may push BNB toward $632, potentially leading to a rise towards $650 or $665.
Potential Decline Risks
If BNB does not surpass $622, it may decline. Initial support is around $602, followed by major support at $600 and a crucial level at $595. A drop below $595 could lead to further declines towards $588 and possibly $565.
Technical Indicators:
- MACD indicates bullish momentum.
- RSI is currently below 50.
- Major support levels are at $600 and $595.
- Major resistance levels are at $622 and $632.
