BNB Price Struggles to Maintain Support Above $600

BNB price is recovering from the $588 support zone but may struggle to maintain levels above $600.

BNB is attempting to recover above the $600 resistance zone.
Current trading is below $610 and the 100-hourly simple moving average.
A short-term declining channel is forming with resistance at $610 on the hourly chart of the BNB/USD pair.
Maintaining above $600 is crucial for potential increases.

Price Movement Overview

After establishing a base above $588, BNB rose past the $600 and $610 levels, reaching a high of $618 before facing downward pressure. The price has now corrected below $615 and dipped beneath the 50% Fib retracement level of the upward move from $587 to $618.

The next resistance level is near $612. A clear breakthrough here could push prices towards $618 and potentially reach $626. Further gains might test the $635 level.

Potential Decline Risks

If BNB does not surpass the $610 resistance, it may initiate another decline. Initial support is around $600, followed by $598 and the 61.8% Fib retracement level. Major support is at $594; a drop below this could lead to further declines towards $585 and possibly $565.

Technical Indicators:

Hourly MACD indicates bearish momentum.
Hourly RSI is currently below 50.
Major support levels: $600, $598.
Major resistance levels: $610, $618.