BNB Price Recovery Faces Setbacks: What Risks Lie Ahead?
06 August 2024 - 6:58AM
NEWSBTC
BNB price is recovering higher from the $400 support zone. The
price is now facing hurdles at $490 and might remain at risk of
another decline. BNB price started a recovery wave from the $400
support zone. The price is now trading below $500 and the
100-hourly simple moving average. There is a key bearish trend line
forming with resistance at $490 on the hourly chart of the BNB/USD
pair (data source from Binance). The pair could start another
decline if it fails to clear the $490-$500 resistance zone. BNB
Price Faces Key Hurdles In the past few days, BNB price gained
bearish momentum below $500 like Ethereum and Bitcoin. The price
declined below the $450 and $435 support levels before the bulls
emerged. A low was formed at $403 and recently started a recovery
wave. The price climbed above the $435 and $440 resistance levels.
There was a move above the 23.6% Fib retracement level of the
downward move from the $576 swing high to the $403 low. It even
cleared the $465 resistance. The price is now trading below $500
and the 100-hourly simple moving average. It is now consolidating
near the 50% Fib retracement level of the downward move from the
$576 swing high to the $403 low. On the upside, the price could
face resistance near the $490 level. There is also a key bearish
trend line forming with resistance at $490 on the hourly chart of
the BNB/USD pair. The next resistance sits near the $500 level. A
clear move above the $500 zone could send the price higher. In the
stated case, BNB price could test $515. A close above the $515
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. Another Decline? If BNB fails to clear the $500
resistance, it could start another decline. Initial support on the
downside is near the $465 level. The next major support is near the
$450 level. The main support sits at $435. If there is a downside
break below the $435 support, the price could drop toward the $420
support. Any more losses could initiate a larger decline toward the
$400 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 – $465 and $450. Major Resistance Levels – $490 and
$500.
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