{"id":10591,"date":"2024-10-01T05:28:34","date_gmt":"2024-10-01T05:28:34","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10591"},"modified":"2024-10-01T05:28:34","modified_gmt":"2024-10-01T05:28:34","slug":"bnb-price-could-regain-momentum-is-an-upswing-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10591","title":{"rendered":"BNB Price Could Regain Momentum: Is an Upswing Coming?"},"content":{"rendered":"

BNB price corrected gains below the $600 level. The price is now holding the key $565 support and might aim for a fresh increase.<\/em><\/p>\n

BNB price started a downside correction from the $620 resistance zone.
\nThe price is now trading below $590 and the 100-hourly simple moving average.
\nThere is a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB\/USD pair (data source from Binance).
\nThe pair must stay above the $565 level to start another increase in the near term.<\/p>\n

BNB Price Extends Rally<\/h2>\n

After a major upward move, BNB price saw a rejection pattern nears the $620 zone. A high was formed at $618 and the price started a downside correction like Ethereum<\/a> and Bitcoin<\/a>.<\/p>\n

There was a move below the $600 and $590 levels. The price even dipped below $580 before the bulls appeared near $565. A low was formed at $564 and the price is now rising. It climbed above the $570 level and now approaches the 23.6% Fib retracement level of the downward move from the $618 swing high to the $564 low.<\/p>\n

The price is now trading below $585 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $580 level. The next resistance sits near the $585 level.<\/p>\n

There is also a key bearish trend line forming with resistance at $585 on the hourly chart of the BNB\/USD pair. A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $600 or the 61.8% Fib retracement level of the downward move from the $618 swing high to the $564 low at $597.<\/p>\n

<\/a><\/p>\n

A close above the $600 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $650 level in the near term.<\/p>\n

More Losses?<\/h2>\n

If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $565 level.<\/p>\n

The main support sits at $550. If there is a downside break below the $550 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $520 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for BNB\/USD is losing pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BNB\/USD is currently near the 50 level.<\/p>\n

Major Support Levels \u2013 $565 and $550.<\/p>\n

Major Resistance Levels \u2013 $585 and $600.<\/p>","protected":false},"excerpt":{"rendered":"

BNB price corrected gains below the $600 level. The price is now holding the key $565 support and might aim for a fresh increase. BNB price started a downside correction from the $620 resistance zone. The price is now trading below $590 and the 100-hourly simple moving average. There is a key bearish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":10592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10591"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10591"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10592"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}