BNB price is showing signs of recovery from the $400 support level, yet it’s encountering significant resistance around $490 and could face another downturn if it fails to overcome this barrier.
In recent days, BNB’s bearish momentum intensified below the $500 mark, following a similar trend as seen in Ethereum and Bitcoin. The price plummeted past critical support levels, dropping below $450 and $435 before the bulls intervened at $403.
From the low of $403, BNB began to rebound, surpassing the $435 and $440 resistance levels. The rebound included a move above the 23.6% Fibonacci retracement level derived from the downward trajectory from the $576 high to the $403 low. The price went on to breach the $465 resistance level. Despite this, BNB remains below the $500 threshold and the 100-hourly simple moving average, consolidating near the 50% Fibonacci retracement level of the same downward trend.
On the upward path, BNB encounters resistance around $490, compounded by a key bearish trend line at the same level on the hourly chart of the BNB/USD pair. The next significant resistance stands at the $500 mark. Should the price break through the $500 zone decisively, it could ascend further. In such a scenario, BNB might test the $515 resistance level. Successfully closing above $515 could spur a larger rally towards the $540 resistance, with potential further gains leading to a test of the $550 resistance short-term.
However, failure to surpass the $500 resistance could spell another decline for BNB. Initial support lies around $465, with more substantial support at $450. The main support is positioned at $435. If BNB breaks below $435, it could cascade towards the $420 support level, and further losses might result in a deeper decline down to the $400 level.
Weekly technical indicators underline the precarious state of BNB. The hourly MACD is losing momentum in the bullish zone, while the hourly RSI currently sits above the 50 level, indicating some remaining bullish sentiment. Key support levels are identified at $465 and $450, with major resistance levels at $490 and $500.
