BNB’s bullish rally seems to have encountered a formidable obstacle as it nears the $600 resistance level. Following an impressive surge, the momentum appears to have stalled, ushering in a phase of growing downside pressure. As bulls struggle to maintain their grip on the market, the bears are gaining confidence, hinting at a possible shift in market direction. The halted rally and threatened key support levels now put BNB at an increased risk of a pullback, leaving traders anxious as the price teeters on this pivotal threshold.
Despite BNB’s current trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart—a typically positive signal—the cryptocurrency is facing formidable resistance at the $600 mark. This pushback has initiated a noticeable pullback, revealing a faltering upward momentum as sellers seize the opportunity at the current price level.
An analysis of the 4-hour Relative Strength Index (RSI) suggests a downturn may be on the horizon. The RSI line is retreating from the overbought zone toward the 50% threshold, reflecting an increase in bearish pressure that could push the price down to approximately $537. Further scrutiny on the daily chart shows BNB exhibiting bearish momentum as it trends toward the $537 level. Since surpassing the 100-day SMA, the price has ascended consistently without experiencing any major pullbacks, setting the stage for a potential sizeable correction.
Moreover, the 1-day chart presents a comprehensive analysis of the RSI signal line, which recently dipped to 68% after peaking at 72%. This shift suggests a change in momentum, indicating that BNB might be entering a consolidation phase or encountering increased selling pressure that could lead to further price corrections.
Looking ahead, despite BNB’s resilience in staying above key moving averages, the intensifying bearish pressure and recent pullbacks indicate that the price could decline towards the $537 support level. If BNB breaks below this crucial support, it may trigger additional drops towards other support levels, raising concerns among traders about the potential for prolonged downward movement.
On the other hand, if the bulls manage to stage a recovery before BNB hits the $537 support level, the price could rally again towards the $600 resistance. A breakout above this critical level may pave the way for further gains, potentially driving BNB to test higher resistance points as bullish momentum builds.
