BNB price has been struggling to maintain its position above the $600 mark as it consolidates gains. Currently trading above $590, BNB is supported by a bullish trend line at $595, indicating potential for a fresh increase above $605. A successful break above $612 could propel it toward $620 or even $650.
Initially, BNB saw resistance after closing above $585, with upsides limited compared to Ethereum and Bitcoin. A dip below $605 and $600, including the 23.6% Fib retracement level of $543 to $611, was noted. However, gains above $580 have been maintained, with resistance projected near $605 and $612.
Jerking any upward movement, failure to clear the $605 resistance level might initiate declines. Primary support is identified near $595 and $578, with the main support resting at $570. Breaks below this could draw prices down toward $550. Technical indicators indicate a slower bullish momentum.
The hourly MACD for BNB/USD is showing loss in the bullish zone, while the RSI is below 50, highlighting slowing momentum. Key support levels lie at $595 and $578, with resistance at $605 and $612, suggesting price volatility in near future.
