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BNB Price Starts Recovery Push: Can It Sustain the Momentum?



Binance Coin (BNB) price has recently experienced a recovery wave from the $585 support zone, but the bulls are facing a major hurdle at the $600 resistance level. To enter a positive zone in the near term, BNB price must break above this key resistance level.

Initially, BNB price extended losses and tested the $585 support zone, trading below $600 and the 100-hourly simple moving average. However, there was a break above a crucial bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair, indicating a potential opportunity for a fresh increase if the price remains above the $585 support.

After struggling near the $615 resistance level, BNB price saw a bearish reaction below $600 support, similar to Ethereum and Bitcoin. The price dipped below $595 support and the 100 simple moving average (4 hours), reaching as low as $586 before initiating a recovery wave. The price then broke above the $595 resistance zone and the 23.6% Fib retracement level of the downward move from the $613 swing high to the $586 low.

Despite this positive movement, the bears were active near the $600 level or the 50% Fib retracement level of the downward move from the $613 swing high to the $586 low. Currently, the price is trading below $600 and the 100-hourly simple moving average, with immediate resistance near the $600 level and additional resistance at the $602 level.

A clear move above $602 could signal further price increases, potentially testing $615 and setting the stage for a larger rise towards the $620 resistance level. Continued gains might even lead to a test of the $632 level in the days to come. However, failure to clear the $600 resistance could result in further downside movement, with initial support at the $592 level and the trend line, followed by major support at $585 and $572.

If there is a downside break below $572 support, BNB price could drop towards the $560 support level, potentially initiating a larger decline towards $550. The hourly MACD for BNB/USD is currently in the bearish zone, while the hourly RSI is below the 50 level. Key support levels to watch include $585 and $572, while major resistance levels are at $600 and $602. Overall, the BNB price has shown signs of recovery, but the $600 resistance remains a critical barrier for further upward movement.

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