BNB Price Attempts Recovery Amid Resistance at $585 and $600

BNB price is recovering from the $575 support level, currently consolidating gains while facing resistance around $585 and $600.

Price trying to recover above the $580 resistance zone.
Currently trading below $585 and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $585 on the hourly chart of the BNB/USD pair.
Must stay above $575 to initiate another increase.

Resistance Levels

After failing to surpass the $595 resistance, BNB declined below $590 and $585. A low was established at $576, with recent attempts to recover above $580 and the 23.6% Fib retracement level from $594 to $576.

Resistance at $585 persists, along with a trend line. Further resistance exists around $588 and the 61.8% Fib retracement level. A move above $588 could lead to testing $595, with potential for a rise towards $600 and $620 thereafter.

Downside Risks

If BNB cannot break the $585 resistance, it may decline further. Initial support is at $580, followed by major support at $575. The primary support level is $562; dropping below this could lead to declines toward $550 and possibly $535.

Technical Indicators:

Hourly MACD indicates weakening bullish momentum.
Hourly RSI is below the 50 level.
Major support levels are at $580 and $575.
Major resistance levels are at $585 and $595.