Ethereum

Resistance

BNB price is showing bearish signs below the $600 level. The price must settle above the $575 and $585 resistance levels to gain bullish momentum. 
<ul> 
 <li>BNB price started a fresh decline after it failed to clear the $600 resistance zone.</li> 
 <li>The price is now trading below $585 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could gain bullish momentum if it clears the $585 resistance zone.</li> 
</ul> 
<h2 id="bnb-price-dips-again">BNB Price Dips Again</h2> 
After a decent increase, BNB price struggled near the $600 resistance. As a result, there was a bearish reaction below the $585 support, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-2925/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-firm-61000/" target="_blank" rel="noopener ">Bitcoin</a>. 
The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low as $561 and is currently consolidating losses. There was a minor upward move above the $565 level. The price tested the 23.6% Fib retracement level of the downward move from the $600 swing high to the $561 low. 
It is now trading below $585 and the 100 simple moving average (4 hours). Immediate resistance is near the $575 level. There is also a key bearish trend line forming with resistance near $575 on the hourly chart of the BNB/USD pair. 
The next resistance sits near the $585 level or the 61.8% Fib retracement level of the downward move from the $600 swing high to the $561 low. A clear move above the $585 zone could send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-608069 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461" alt="BNB Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, BNB price could test $600. A close above the $600 resistance might set the pace for a larger increase toward the $650 resistance. Any more gains might call for a test of the $680 level in the coming days. 
<h2 id="more-losses">More Losses?</h2> 
If BNB fails to clear the $575 resistance, it could continue to move down. Initial support on the downside is near the $560 level. 
The next major support is near the $550 level. The main support sits at $532. If there is a downside break below the $532 support, the price could drop toward the $510 support. Any more losses could initiate a larger decline toward the $500 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. 
Major Support Levels – $565, $550, and $532. 
Major Resistance Levels – $575, $585, and $600.

BNB Price Recovery in Limbo: Potential Cap Looms Amid Market Uncertainties

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