BNB Price Recovery Faces Setbacks: What Risks Lie Ahead?

BNB Price Recovery Faces Setbacks

BNB Price Recovery Faces Setbacks

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.

BNB Price Faces Key Hurdles

In the past few days, BNB price gained bearish momentum below $500 like Ethereum and Bitcoin. 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.

Source: BNBUSD on TradingView.com

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.

Another Decline?

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.

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