BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles? - ADVFN

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Binance Coin (Cryptocurrency:BNBUSD) News

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	89,859,365,513	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2.30	0.41%	568.63	567.41	570.39

High Price	Low Price	Open Price	Prev. Close	52 Week Range
569.45	565.83	566.33	566.33	210.00 - 720.47

Exchange	Last Trade	Size	Trade Price	Currency
BINA	02:15:36	0.885000	568.85	USD

Price x Volume	Volume	Base Symbol	Related Pairs
982,172.38	1,725.39	BNB	BNBEUR	BNBGBP	BNBBTC

BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles?

26/06/2024 5:58am

NEWSBTC

BNB price started a recovery wave from the $550 support. The price is now consolidating and facing hurdles near the $585 and $592 levels. BNB price started a decent upward move from the $550 support zone. The price is now trading above $575 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bullish momentum if there is a close above the $585 resistance. BNB Price Aims Higher In the past few days, BNB price saw a steady decline from the $592 resistance, like Ethereum and Bitcoin. There was a drop below the $575 support and $560. Finally, the bulls appeared near $550. A low was formed at $550.8 and the price recently started a recovery wave. There was a move above the $565 and $575 resistance levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $593 swing high to the $550 low. There is also a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair. The price is now trading above $575 and the 100-hourly simple moving average. Immediate resistance is near the $583 level or the 76.4% Fib retracement level of the downward move from the $593 swing high to the $550 low. The next resistance sits near the $585 level. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 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. Another Decline? If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $578 level and the channel’s trend line. The next major support is near the $572 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $572 and $565. Major Resistance Levels – $585 and $592.

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