BNB Coin Price Hits Critical Support Level: Is a Rebound on the Horizon?

May 20, 2024 06:01 am Cryptocurrency 65

BNB price started a downside correction from the $585 zone. The price must stay above $570 to start a fresh increase in the near term.

BNB price started a fresh decline after it failed to clear the $585 resistance zone.

The price is now trading below $580 and the 100 simple moving average (4 hours).

There is a key bullish trend line forming with support near $570 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 $570 support.

BNB Price Holds Support

After a decent increase, BNB price struggled near the $585 resistance. As a result, there was a bearish reaction below the $580 support, like Ethereum and Bitcoin.

The price dipped below the $575 support and the 100 simple moving average (4 hours). It traded as low ..

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