BNB Price Launches Recovery Bid: Will the Bounce Hold?

May 31, 2024 04:01 am Cryptocurrency 84

BNB price started a recovery wave from the $585 support zone. The bulls must clear the $600 resistance zone to push the price into a positive zone in the near term.

BNB price extended losses and tested the $585 support zone.

The price is now trading below $600 and the 100-hourly simple moving average.

There was a break above a key bearish trend line with resistance at $595 on the hourly chart of the BNB/USD pair (data source from Binance).

The pair could start a fresh increase if it stays above the $585 support.

BNB Price Holds Support

After a decent increase, BNB price struggled near the $615 resistance. As a result, there was a bearish reaction below the $600 support, like Ethereum and Bitcoin.

The price dipped below the $595 support and the 100 simple moving average (4 hours). It ..

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