BNB Price Launches Recovery Bid: Will the Bounce Hold? - ADVFN

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Binance Coin (Cryptocurrency:BNBUSD) News

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	90,051,435,210	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-7.68	-1.33%	570.44	570.38	570.44

High Price	Low Price	Open Price	Prev. Close	52 Week Range
636.12	567.51	602.62	578.12	210.00 - 720.47

Exchange	Last Trade	Size	Trade Price	Currency
BINA	20:00:48	0.100000	570.38	USD

Price x Volume	Volume	Base Symbol	Related Pairs
10,174,048.48	17,894.51	BNB	BNBEUR	BNBGBP	BNBBTC

BNB Price Launches Recovery Bid: Will the Bounce Hold?

31/05/2024 3:58am

NEWSBTC

BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term. BNB price extended losses and tested the $585 support zone. The price is now trading below $600 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could start a fresh increase if it stays above the $585 support. BNB Price Holds Support After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin. The price dipped below the $595 support and the 100 simple moving average (4 hours). It traded as low as $586 and recently started a recovery wave. There was a move 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. There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair. However, 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. The price is now trading below $600 and the 100-hourly simple moving average. Immediate resistance is near the $600 level. The next resistance sits near the $602 level. A clear move above the $602 zone could send the price higher. In the stated case, BNB price could test $615. A close above the $615 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. More Losses? If BNB fails to clear the $600 resistance, it could continue to move down. Initial support on the downside is near the $592 level and the trend line. The next major support is near the $585 level. The main support sits at $572. If there is a downside break below the $572 support, the price could drop toward the $560 support. Any more losses could initiate a larger decline toward the $550 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $585 and $572. Major Resistance Levels – $600 and $602.

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1 Year Binance Coin Chart

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