{"id":15501,"date":"2024-10-22T05:58:16","date_gmt":"2024-10-22T05:58:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=15501"},"modified":"2024-10-22T05:58:16","modified_gmt":"2024-10-22T05:58:16","slug":"bnb-price-poised-for-fresh-increase-will-momentum-build","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=15501","title":{"rendered":"BNB Price Poised for Fresh Increase: Will Momentum Build?"},"content":{"rendered":"

BNB price corrected gains below the $605 level. The price is now holding the key $588 support and might aim for a fresh increase.<\/em><\/p>\n

BNB price started a downside correction from the $612 resistance zone.
\nThe price is now trading below $600 and the 100-hourly simple moving average.
\nThere is a key bullish trend line forming with support at $595 on the hourly chart of the BNB\/USD pair (data source from Binance).
\nThe pair must stay above the $588 level to start another increase in the near term.<\/p>\n

BNB Price Could Regain Traction<\/h2>\n

After a decent upward move, BNB price saw a rejection pattern nears the $612 zone. A high was formed at $611 and the price started a downside correction like Ethereum<\/a> and Bitcoin<\/a>.<\/p>\n

There was a move below the $605 and $600 levels. The price even dipped below $592 before the bulls appeared near $590. A low was formed at $591 and the price is now consolidating. It climbed above the $598 level and the 23.6% Fib retracement level of the downward move from the $611 swing high to the $591 low.<\/p>\n

The price is now trading below $600 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $602 level or the 50% Fib retracement level of the downward move from the $611 swing high to the $591 low.<\/p>\n

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

The next resistance sits near the $610 level. A clear move above the $610 zone could send the price higher. In the stated case, BNB price could test $620. A close above the $620 resistance might set the pace for a larger move toward the $632 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 $605 resistance, it could start another decline. Initial support on the downside is near the $592 level. The next major support is near the $588 level.<\/p>\n

The main support sits at $588. If there is a downside break below the $580 support, the price could drop toward the $575 support. Any more losses could initiate a larger decline toward the $565 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 below the 50 level.<\/p>\n

Major Support Levels \u2013 $592 and $588.<\/p>\n

Major Resistance Levels \u2013 $605 and $612.<\/p>","protected":false},"excerpt":{"rendered":"

BNB price corrected gains below the $605 level. The price is now holding the key $588 support and might aim for a fresh increase. BNB price started a downside correction from the $612 resistance zone. The price is now trading below $600 and the 100-hourly simple moving average. There is a key bullish trend line […]<\/p>\n","protected":false},"author":0,"featured_media":15502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-15501","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\/15501"}],"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=15501"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/15501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/15502"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}