In recent trading sessions, BNB has struggled to maintain a position above the crucial $600 mark. The cryptocurrency is currently in a consolidation phase, gathering strength for a potential rally past the $605 barrier.
BNB initiated a downside correction after hitting a resistance zone at $612. Presently, the asset is trading above $590 and remains above the 100-hourly simple moving average, indicating some stability. A bullish trend line has formed, providing support at $595 for the BNB/USD pair.
To keep the momentum alive, BNB must stay above the $588 level, which would set the stage for another upward trajectory in the near future.
In the past few days, BNB managed to stay above the $585 threshold, paving the way for further gains. However, it encountered resistance near $610, unlike the performance seen in Ethereum and Bitcoin, which capped its growth. The cryptocurrency experienced minor dips below the $605 and $600 levels, even touching the 23.6% Fib retracement level from a $543 low to a $611 high. Despite this, BNB has maintained gains above the $580 level.
Currently, BNB is trading above $595 and remains above the 100-hourly simple moving average. This is supported by a bullish trend line at the $595 mark, indicating potential upward movement. If the cryptocurrency sees fresh gains, it may face resistance at $605, with subsequent resistance at $612. Surpassing the $612 zone could propel BNB to $620. Clearing this level might open the door for a significant rise toward $632, with further potential to test $650 in the short term.
Conversely, if BNB fails to breach the $605 resistance, it could experience another decline. The initial support level could be near $595, aligned with the trend line. A more substantial support level exists around $578 or the 50% Fib retracement level of the previous upward move from $543 to $611. The main support is situated at $570. Should BNB fall below this crucial level, a drop toward $560 could follow, and additional losses might lead to a decline toward the $550 level.
Technical indicators reveal that the hourly MACD for BNB/USD is losing momentum in the bullish zone, while the hourly RSI currently stands below the 50 mark. Key support levels are at $595 and $578, with major resistance levels at $605 and $612.
