Ethereum

bullish

Resistance

BNB price is recovering higher from the $400 support zone. The price is now facing hurdles at $490 and might remain at risk of another decline. 
<ul> 
 <li>BNB price started a recovery wave from the $400 support zone.</li> 
 <li>The price is now trading below $500 and the 100-hourly simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $490 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could start another decline if it fails to clear the $490-$500 resistance zone.</li> 
</ul> 
<h2 id="bnb-price-faces-key-hurdles">BNB Price Faces Key Hurdles</h2> 
In the past few days, BNB price gained bearish momentum below $500 like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rebounds-2500/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-bounce-back-55k/" target="_blank" rel="noopener ">Bitcoin</a>. The price declined below the $450 and $435 support levels before the bulls emerged. 
A low was formed at $403 and recently started a recovery wave. The price climbed above the $435 and $440 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $576 swing high to the $403 low. 
It even cleared the $465 resistance. The price is now trading below $500 and the 100-hourly simple moving average. It is now consolidating near the 50% Fib retracement level of the downward move from the $576 swing high to the $403 low. 
On the upside, the price could face resistance near the $490 level. There is also a key bearish trend line forming with resistance at $490 on the hourly chart of the BNB/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633349 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Binance-Coin-BNB.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next resistance sits near the $500 level. A clear move above the $500 zone could send the price higher. In the stated case, BNB price could test $515. A close above the $515 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. 
<h2 id="another-decline">Another Decline?</h2> 
If BNB fails to clear the $500 resistance, it could start another decline. Initial support on the downside is near the $465 level. The next major support is near the $450 level. 
The main support sits at $435. If there is a downside break below the $435 support, the price could drop toward the $420 support. Any more losses could initiate a larger decline toward the $400 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. 
Major Support Levels – $465 and $450. 
Major Resistance Levels – $490 and $500.

BNB Price Recovery Faces Setbacks: What Risks Lie Ahead?

Table of Contents

NewsBTC

Other articles published on Aug 6, 2024

What is eCash Coin?

Bitcoin Exchange Binance Announced the Addition of a New Altcoin Trading Pair to Futures Copy Tra...

BlackRock, Fidelity, and Top Asset Managers Snag Bitcoin (BTC) on the Dip, Hold Steady

Chainlink crashes through support: More pain ahead for LINK investors?

Bitcoin Price Surges to $70,000 Before Dropping Below $50,000

Fincra launches new HQ at a historical landmark in Ikoyi, Lagos

Join our free newsletter for daily crypto updates!