Binance Coin (BNB) has shown resilience after recent market corrections,free dogecoin wallet with traders closely watching the $590-$600 resistance zone.
BNB faced rejection near the psychological $600 level before correcting downward.
The 100-hour moving average currently acts as dynamic resistance around $590.
A bullish trendline breakout occurred at $585 on BNB/USD charts, signaling potential momentum shift.
Maintaining support above $590 could pave way for renewed upward movement.
Technical Setup Suggests Recovery Potential
Following its retreat from the $605 area, BNB established a support base near $565. The subsequent rebound surpassed multiple Fibonacci levels, including the 50% retracement marker of the recent decline from $598 to $565.
Market observers note the cryptocurrency's ability to hold above critical support at $572 during the correction phase. This price action formed what technical analysts describe as a potential reversal pattern, with the breakout above the descending trendline adding credibility to the bullish case.
The immediate challenge lies at the confluence of resistance near $590, which coincides with the 76.4% Fibonacci retracement level. Overcoming this barrier could open the path toward retesting the recent swing high at $598.
Key Levels to Watch
Should buying pressure intensify, the $598-$600 zone represents the first significant hurdle. A decisive close above this area might trigger momentum toward $605, with potential extension targets at $620 and $632 appearing on longer timeframes.
Conversely, failure to sustain current levels could see BNB retest support around $585 initially. Below this, the $572-$565 range becomes critical, as a breakdown here might lead to broader market reevaluation with possible targets near $550.
Market Indicators:
Hourly MACD - Shows weakening bullish momentum but remains in positive territory.
Hourly RSI - Currently neutral around 50, suggesting balanced market conditions.
Critical Support Zones - $585 and $572.
Important Resistance Areas - $590 and $598.
