BNB has seen a price correction from its recent high of $612, now showing bearish tendencies. In contrast, Bitcoin and Ethereum are poised for additional gains.
Following its rise to $612, BNB began a downside correction and is currently trading below $595, beneath the 100-hourly simple moving average. On the hourly chart of the BNB/USD pair from Binance, a bearish trend line has formed with resistance at $595. For any potential increase, the price must remain above $588 in the near term.
After struggling above $612, BNB dipped below $605 and $600 support levels, unlike Ethereum and Bitcoin. The price fell further to below $595 and $598, even dropping below the 23.6% Fibonacci retracement level of its climb from $565 to $612. The price now trades below $595 and the 100-hourly simple moving average, indicating that should there be any fresh increase, BNB might face resistance around $595 or along the trend line.
Further resistance lies near $600. A clear move above this level could push the price higher, with BNB potentially testing the $612 mark. Closing above the $612 resistance may pave the way for a more significant rise towards $620. More gains could lead to a test of the $632 level in the near future.
However, if BNB fails to clear the $595 resistance, it could face another decline. Initial support on the downside is near $590, followed by major support at $588, aligning with the 50% Fibonacci retracement of the upward move from $565 to $612. The key support level stands at $576. Breaking below $576 could see BNB dropping towards $565, with further losses possibly leading to a substantial decline towards $550.
Technical indicators reflect the current bearish outlook. The hourly MACD for BNB/USD is gaining momentum in the bearish zone, while the hourly RSI is below the 50 level. Major support levels are identified at $588 and $576, and major resistance levels are observed at $595 and $600.
