BNB price is showing signs of recovery after finding support at the $540 level. The cryptocurrency is now trading near $580 and aiming for a fresh move toward the $635 resistance.
The recent price action suggests that BNB is gearing up for a potential rally. However, it must first overcome the immediate resistance at $585. If successful, BNB could test the $605 level and possibly set the stage for a larger move toward $620.
On the technical front, the MACD indicator for BNB/USD is gaining pace in the bullish zone, while the RSI is currently above the 50 level. These indicators support the bullish outlook for BNB in the near term.
Despite the positive signs, BNB must maintain its position above the crucial $560 support to sustain the upward momentum. A breakdown below this level could trigger another decline, potentially leading to a retest of the $540 support or even a drop toward $510.
As BNB navigates this critical juncture, investors and traders should keep a close eye on the key resistance levels at $590 and $605. A decisive break above these hurdles could open the door for significant gains, while failure to overcome them may result in a period of consolidation or a corrective pullback.
Tags: BNB price, Binance Coin, crypto market, technical analysis, resistance levels
Source: https://www.newsbtc.com/analysis/bnb/bnb-price-rally-600/