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20/05/24
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Technical Outlook on the Performance of Binance Coin (BNB)
The chart of BNB/USD shows that after a modest upside move, it was difficult for the bulls to push it higher close to the barrier level at $585. Hence, the bears used the opportunity to bring about a downside move beneath the support level at $580.
A look at its 4-hour chart shows that there was a dip beneath the support level at $575, as well as below the 100 SMA. The bears pulled it to a low level at $571 prior to initiating the current consolidation of losses. The same chart shows the formation of a major bullish trend line with a support level close to $570.
The bulls pushed it somewhat above $575 and there was a clear move past the 23.6% Fibonacci correction level of the fall from $586 swing high to $571 low. The performance of BNB is currently beneath $580, as well as below the 100 SMA.
The next barrier level is close to $578 or the 50% Fibonacci correction level of the fall from $586 swing high to $571 low. The immediate barrier level is close to $582. The ability of the bulls to push it clearly past the $582 area may bring about more upside moves.
In such a situation, BNB may be able to visit $588. If BNB closes past the barrier level at $588, the bulls may be able to pave the way for a more significant move towards the barrier level at $600. If there are any additional gains, BNB may be pushed higher to visit $612 over the coming several sessions.
On the other hand, the failure of the bulls to push BNB clearly past the barrier level at $582 may empower the bears to keep its performance towards the downside. The first support level on its way downward is close to $572 as well as near the trend line.
The immediate key support level is close to $562, and the major support level exists at $550. If BNB breaks beneath the support level at $550, there may be a fall towards the support level at $532. If there are any additional losses, the bears may be able to initiate a more significant downside move toward $525.
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