BNB Price Shows Recovery Potential Above $580 Resistance Level
BNB price is recovering from the $540 support zone, currently trading near $580 and approaching the 100-hourly simple moving average.
- Resistance at $585 remains a challenge for BNB price.
- A break above a key bearish trend line at $578 was noted.
- The price could rise towards the $635 resistance if it stays above $560.
- A recent low was formed at $559 before a recovery started.
- Current resistance levels are $590 and $605, with potential gains up to $620.
Outlook
If BNB fails to surpass the $590 resistance, downside risks include:
- Initial support near $570.
- Major support at $560 and $540.
- Further decline possible below $540 towards $532 and $510.
Technical indicators show an upward trend: MACD is bullish, and RSI is above 50.
