Ethereum

Resistance

Coin

BNB price started a downside correction from the $585 zone. The price must stay above $570 to start a fresh increase in the near term. 
<ul> 
 <li>BNB price started a fresh decline after it failed to clear the $585 resistance zone.</li> 
 <li>The price is now trading below $580 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $570 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could start a fresh increase if it stays above the $570 support.</li> 
</ul> 
<h2 id="bnb-price-holds-support">BNB Price Holds Support</h2> 
After a decent increase, BNB price struggled near the $585 resistance. As a result, there was a bearish reaction below the $580 support, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-bulls-to-scoop-up-the-opportunity/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-66k/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low as $571 and is currently consolidating losses. There is also a key bullish trend line forming with support near $570 on the hourly chart of the BNB/USD pair. 
There was a minor upward move above the $575 level. The price cleared the 23.6% Fib retracement level of the downward move from the $586 swing high to the $571 low. It is now trading below $580 and the 100 simple moving average (4 hours). 
Immediate resistance is near the $578 level or the 50% Fib retracement level of the downward move from the $586 swing high to the $571 low. The next resistance sits near the $582 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-608862 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449" alt="BNB Coin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-2.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $582 zone could send the price higher. In the stated case, BNB price could test $588. A close above the $588 resistance might set the pace for a larger increase toward the $600 resistance. Any more gains might call for a test of the $612 level in the coming days. 
<h2 id="more-losses">More Losses?</h2> 
If BNB fails to clear the $582 resistance, it could continue to move down. Initial support on the downside is near the $572 level and the trend line. 
The next major support is near the $562 level. 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 $525 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. 
Major Support Levels – $572, $562, and $550. 
Major Resistance Levels – $582, $588, and $600.

BNB Coin Price Hits Critical Support Level: Is a Rebound on the Horizon?

Table of Contents

NewsBTC

Other articles published on May 20, 2024

Crypto: Here is the fastest blockchain in the world!

Breaking: Grayscale CEO Michael Sonnenshein Resigns

Hack Causes Massive Loss for GALA Coin Investors

Ethereum Holds Strong Above $3,100 Amid ETF Decision Anticipation

Crypto Whale Offloads $46 Million in Ethereum as Market Eyes ETF Decision

Solana DEXs Surge to 210 Million Transactions, Outperforming Rivals

Join our free newsletter for daily crypto updates!