BNB Price Poised for Fresh Increase: Will Momentum Build?

BNB price corrected gains below the $605 level. The price is now holding the key $588 support and might aim for a fresh increase. BNB price started a downside c

BNB price corrected gains below the $605 level. The price is now holding the key $588 support and might aim for a fresh increase.

• BNB price started a downside correction from the $612 resistance zone.

• The price is now trading below $600 and the 100-hourly simple moving average.

• There is a key bullish trend line forming with support at $595 on the hourly chart of the BNB/USD pair (data source from Binance).

• The pair must stay above the $588 level to start another increase in the near term.

BNB Price Could Regain Traction

After a decent upward move, BNB price saw a rejection pattern nears the $612 zone. A high was formed at $611 and the price started a downside correction like Ethereum and Bitcoin.

There was a move below the $605 and $600 levels. The price even dipped below $592 before the bulls appeared near $590. A low was formed at $591 and the price is now consolidating. It climbed above the $598 level and the 23.6% Fib retracement level of the downward move from the $611 swing high to the…