BNB Price Faces Resistance Near $590 After Recent Correction

BNB price corrected below the $580 level and is currently recovering, facing resistance near the $590 zone.

BNB price began a downside correction from the $600 resistance.
The price trades below $590 and the 100-hourly simple moving average.
A break occurred above a bearish trend line with resistance at $585 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must remain above $590 for potential increases in the near term.

BNB Price Aims Fresh Increase

After struggling above $605, BNB price underwent a downside correction, dropping below the $590 and $585 support levels, similar to Ethereum and Bitcoin.

The price fell below $580 and $575, reaching a low of $565 before recovering. Currently, it has climbed above the $575 level and the 50% Fib retracement level of the decline from $598 to $565.

The break above the bearish trend line at $585 was noted. The price remains below $590 and the 100-hourly simple moving average.

If an increase occurs, resistance may be encountered near $590 or the 76.4% Fib retracement level from the $598 swing high to the $565 low.

Resistance is also present near the $598 level. A clear move above this level could lead to testing $605. A close above $605 might enable further movement toward the $620 resistance, with potential tests of $632 if gains continue.

Another Decline?

Failure to surpass the $590 resistance may trigger another decline. Initial downside support is near $585, followed by major support at $582. The main support level stands at $572; a break below this could lead to a drop toward $565 and potentially initiate a larger decline toward $550.

Technical Indicators:

Hourly MACD – The MACD for BNB/USD is diminishing in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD hovers around the 50 level.

Major Support Levels – $585 and $582.

Major Resistance Levels – $590 and $598.