{"id":3725,"date":"2024-09-05T05:28:11","date_gmt":"2024-09-05T05:28:11","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3725"},"modified":"2024-09-05T05:28:11","modified_gmt":"2024-09-05T05:28:11","slug":"bnb-price-struggles-to-hold-500-is-a-breakout-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3725","title":{"rendered":"BNB Price Struggles to Hold $500: Is a Breakout Coming?"},"content":{"rendered":"

BNB price is struggling to stay above the <\/em>$500 support zone. The price could gain bearish momentum if there is a close below the $500 support.<\/em><\/p>\n

BNB price started a fresh decline from the $540 resistance zone.
\nThe price is now trading below $520 and the 100-hourly simple moving average.
\nThere is a short-term rising channel forming with support at $500 on the hourly chart of the BNB\/USD pair (data source from Binance).
\nThe pair could gain bearish momentum if it settles below the $500 support zone.<\/p>\n

BNB Price Dips Again<\/h2>\n

After struggling to test the $540 resistance, BNB price started a fresh decline like Ethereum<\/a> and Bitcoin<\/a>. The price declined below the $532 and $520 support levels. There was also a move below $510.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n

More Downsides?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for BNB\/USD is gaining 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 $500 and $496.<\/p>\n

Major Resistance Levels \u2013 $518 and $522.<\/p>","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":0,"featured_media":3726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3725","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\/3725"}],"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=3725"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3725\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3726"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}