BNB price is struggling to stay above Support zone at $550. Price could start a recent uptrend if it breaks through the resistance zone at $560.

• BNB price started a recent decline from the USD 592 resistance zone.
• The price is currently below $565 and the 100-hour plain moving average.
• On the hourly chart of the BNB/USD currency pair, a connecting downtrend line is forming with resistance at $560 (data source: Binance).
• The pair may gain upward momentum if it breaks through the resistance zone of USD 560-562.

BNB price is looking towards recovery

After struggling to test the $600 resistance, BNB price began a recent decline, similar to Ethereum and Bitcoin. The price fell below the $585 and $572 support levels. There was also a move below $560.

The price eventually found support at $548. The low formed at $547 and the price is now consolidating losses. A connecting bearish trendline is also forming on the hourly chart of the BNB/USD pair with resistance at $560.

The pair is currently trading below $565 and the 100-hour plain moving average. If a rebound occurs, the price could face resistance near the $558 level and the trendline. It is near the 23.6% Fibonacci retracement level of the downward move from the $592 high to the $547 low.

The next resistance is near the $562 level. A clear move above the $562 zone could trigger a rally. In the given case, the BNB price could test $570 or the 50% Fibonacci retracement level of the downtrend from the $592 high to the $547 low.

A close above $570 resistance could set the pace for a larger rally toward $585 resistance. Any further gains could require a test of $592 in the near future.

More flaws?

If BNB fails to break through the $560 resistance, it could begin another decline. Initial support on the downside is near the $550 level. The next major support is near the $548 level.

Major support is at $542. If it breaks below the $542 support, the price could decline towards the $530 support. Any further losses could initiate a larger decline towards the $515 level.

Technical indicators

Hourly MACD – MACD for the BNB/USD pair is losing momentum in the downtrend zone.

Hourly RSI (Relative Strength Index) – The RSI for the BNB/USD pair is currently below the 50 level.

Major support levels – $550 and $548.

Major resistance levels – 560 and 570 USD.