BNB Price Consolidates Above $595, Bullish Trend Emerges

BNB price is currently consolidating above the $595 support zone, with the price hovering near $600. This consolidation suggests a potential for gains in the near term. The price has been attempting to recover from the $600 support zone and is now trading near $602, close to the 100-hourly simple moving average. A key rising channel is forming with support near $600 on the hourly chart of the BNB/USD pair, indicating a bullish trend.

After forming a base above the $592 level, BNB price started a fresh increase, moving above the $595 and $600 resistance levels. The bulls pushed the price above the $605 level, reaching a high at $611 before a minor downside correction. The price retested the $600 support zone, forming a low at $598, and then climbed above the 23.6% Fib retracement level of the recent decline from the $611 swing high to the $598 low.

On the upside, the price could face resistance near the $606 level and the 61.8% Fib retracement level of the recent decline from the $611 swing high to the $598 low. The next resistance sits near the $610 level. A clear move above the $610 zone could send the price higher, potentially testing $620. A close above the $620 resistance might set the pace for a larger move toward the $635 resistance, with any more gains calling for a test of the $650 level in the near term.

However, if BNB fails to clear the $610 resistance, it could start another decline. Initial support on the downside is near the $600 level, with the next major support near the $598 level. The main support sits at $592. If there is a downside break below the $592 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $580 level.

Technical indicators support the bullish outlook. The MACD for BNB/USD is gaining pace in the bullish zone, and the RSI for BNB/USD is currently above the 50 level. Major support levels are at $600 and $598, while major resistance levels are at $606 and $610. These indicators suggest that BNB price is poised for a bounce, with the potential for significant gains in the near term.