BNB Price Struggles to Hold $500: Is a Breakout Coming?
05 Setembro 2024 - 2:28AM
NEWSBTC
BNB price is struggling to stay above the $500 support zone. The
price could gain bearish momentum if there is a close below the
$500 support. BNB price started a fresh decline from the $540
resistance zone. The price is now trading below $520 and the
100-hourly simple moving average. There is a short-term rising
channel forming with support at $500 on the hourly chart of the
BNB/USD pair (data source from Binance). The pair could gain
bearish momentum if it settles below the $500 support zone. BNB
Price Dips Again After struggling to test the $540 resistance, BNB
price started a fresh decline like Ethereum and Bitcoin. The price
declined below the $532 and $520 support levels. There was also a
move below $510. Finally, the price found support at $495. A low
was formed at $496 and the price is now consolidating losses. There
is also a short-term rising channel forming with support at $500 on
the hourly chart of the BNB/USD pair. The pair is now trading below
$525 and the 100-hourly simple moving average. If there is a
recovery wave, the price could face resistance near the $518 level.
It is close to the 50% Fib retracement level of the downward move
from the $538 swing high to the $496 low. The next resistance sits
near the $522 level or the 61.8% Fib retracement level of the
downward move from the $538 swing high to the $496 low. A clear
move above the $522 zone could send the price higher. In the stated
case, BNB price could test $535. A close above the $535 resistance
might set the pace for a larger increase toward the $540
resistance. Any more gains might call for a test of the $550 level
in the near term. More Downsides? If BNB fails to clear the $522
resistance, it could start another decline. Initial support on the
downside is near the $500 level. The next major support is near the
$496 level. The main support sits at $488. If there is a downside
break below the $488 support, the price could drop toward the $465
support. Any more losses could initiate a larger decline toward the
$450 level. Technical Indicators Hourly MACD – The MACD for BNB/USD
is gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BNB/USD is currently below the 50 level. Major
Support Levels – $500 and $496. Major Resistance Levels – $518 and
$522.
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