Binance Coin (BNB) recently experienced a dip from its peak around the $585 resistance mark. This downturn, reflecting similar patterns seen in Ethereum and Bitcoin, saw BNB slipping below $580. However, the decline halted at a crucial support level of $570.

Key Support Level Identified for Binance Coin

The hourly chart for the BNB/USD pair shows a significant bullish trend line around the $570 support level. This suggests a possible upward movement if the price remains above this level. If BNB maintains this support in the coming days, a bullish trend could emerge. For the latest updates on financial and business news, visit COINTURK FINANCE.

After a notable rise, BNB faced resistance near $585. Failing to break through this resistance led to a decline below $580, with the price dropping as low as $571. Currently, the price is consolidating its losses. Holding the crucial $570 support indicates a potential for upward momentum soon.

Potential to Reach $600

Looking forward, if BNB’s price starts to rise from its current position, the $582 resistance area will be critical. A decisive move above this level could propel the price higher, possibly testing the $588 resistance.

If BNB can break and close above the $588 resistance, it may gain stronger upward momentum, potentially reaching the $600 mark.

Key Levels to Watch in a Downtrend

In a potential downward scenario, falling below the $570 support could lead to further declines, directing the price towards the $565 support zone. Thus, BNB’s short-term trajectory will largely depend on movements around the $570 support and $582 resistance levels.

If BNB fails to surpass the $582 resistance, it may continue to decline. Currently, if the price drops below $572, the first support is at $565, followed by $562, which aligns with a nearby trend line.

However, the most critical support level is around $550. A drop below this could trigger a decline towards the $532 support, and potentially further down to $525.

Technical indicators show the hourly MACD losing pace in the bearish zone for BNB/USD, and the hourly RSI (Relative Strength Index) is below the 50 level, suggesting that downward momentum could continue.

In conclusion, Binance Coin is at a crucial juncture. Holding the $570 support level could pave the way for a bullish trend, while falling below it might lead to significant declines. The next few days will be crucial in determining the direction of BNB's price.