Ethereum

Momentum

Resistance

Higher

BNB price started a recovery wave from the $550 support. The price is now consolidating and facing hurdles near the $585 and $592 levels. 
<ul> 
 <li>BNB price started a decent upward move from the $550 support zone.</li> 
 <li>The price is now trading above $575 and the 100-hourly simple moving average.</li> 
 <li>There is a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could gain bullish momentum if there is a close above the $585 resistance.</li> 
</ul> 
<h2 id="bnb-price-aims-higher">BNB Price Aims Higher</h2> 
In the past few days, BNB price saw a steady decline from the $592 resistance, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-3420/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">Bitcoin</a>. There was a drop below the $575 support and $560. Finally, the bulls appeared near $550. 
A low was formed at $550.8 and the price recently started a recovery wave. There was a move above the $565 and $575 resistance levels. The price surpassed the 61.8% Fib retracement level of the downward move from the $593 swing high to the $550 low. There is also a short-term rising channel forming with support at $578 on the hourly chart of the BNB/USD pair. 
The price is now trading above $575 and the 100-hourly simple moving average. Immediate resistance is near the $583 level or the 76.4% Fib retracement level of the downward move from the $593 swing high to the $550 low. The next resistance sits near the $585 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626402 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461" alt="BNB Price Chart" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $585 zone could send the price higher. In the stated case, BNB price could test $592. A close above the $592 resistance might set the pace for a larger increase toward the $620 resistance. Any more gains might call for a test of the $632 level in the coming days. 
<h2 id="another-decline">Another Decline?</h2> 
If BNB fails to clear the $585 resistance, it could start another decline. Initial support on the downside is near the $578 level and the channel’s trend line. 
The next major support is near the $572 level. The main support sits at $565. If there is a downside break below the $565 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 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 – $572 and $565. 
Major Resistance Levels – $585 and $592.

BNB Price Struggles as Bullish Momentum Wanes: Can It Overcome Hurdles?

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