Price Prediction for BNB: Breaking Through Resistance to Potentially Increase Price

BNB is showing signs of recovery after bouncing back from the $540 support level. Currently trading near $580, the price is attempting to break through key resistance levels that may determine its next significant move. If BNB can break the $590 barrier, it could rise to $605 and potentially retest the $620 resistance level. However, failing to maintain the upward momentum may lead to another price decline. BNB price prospects After a strong price increase pushing BNB above $620, the price faced rejection near $619 and began to correct lower. The decline brought BNB below the $600 support level, ultimately reaching a low of $559 before rebounding. The recovery has seen BNB rise above $570 and break through an important downtrend line with resistance at $578 on the hourly chart. The price is now hovering around $580, in line with the 100-hour Simple Moving Average (SMA). If BNB continues its upward momentum, it may encounter resistance at $590, which coincides with the 50% Fibonacci retracement level from the swing high of $619 to the swing low of $559. The next expected resistance level is around $595. A successful breakthrough above this level could push BNB up to $605. A move above the $605 level will pave the way for testing the $620 resistance level. Sustained buying pressure could push the price higher towards $632, signaling the continuation of the uptrend. Hidden risks If BNB fails to break through the resistance level of $590, a new price drop could occur. The initial support level is at $570, followed by a more significant level at $560. The most important support area is $540. Breaking below this level could lead to further losses, potentially pushing BNB back to $532. Continuous selling pressure could even push the price down to $510, a significant psychological level. Technical indicators MACD hourly: MACD for BNB/USD is strengthening in the uptrend.RSI hourly: Relative Strength Index (RSI) for BNB/USD is still above 50, indicating positive momentum. The levels of importance that need to be monitored Main support level: $560, $540. Main resistance levels: $590, $605, $620. Conclusion The price movement of BNB indicates a significant battle taking place around the resistance level of $590. A breakthrough above this area could drive the price towards $605 and $620, reinforcing the bullish sentiment. However, failure to overcome this barrier could lead to another price decline, with key support levels at $560 and $540. Traders should closely monitor these levels to predict the next major move in BNB's price trajectory.