BNB price is showing signs of recovery after finding support near the $550 zone, breaking key resistance levels and aiming for higher targets.
Current BNB Price Dynamics
BNB has displayed an impressive recovery, rising from the $550 support. The price broke through $565 and $570 resistances and climbed above $588. The breakout above $588 marked a new phase in the uptrend, surpassing major currencies like Ethereum and Bitcoin.
Key Resistance and Support Levels
The next significant resistance for BNB is near the $616 zone. If BNB breaks through this level, the price could easily test $635 in the short term. A successful move above $635 may trigger a larger rally toward $650, with forecasts suggesting a potential test of the $665 level. In case of a pullback, the initial support lies near $600, followed by $595 and $588. Falling below $588 may lead to a deeper decline toward $570.
Can BNB Maintain Its Positive Momentum?
To continue the upward trajectory, BNB needs to remain above the $588 support level. A dip below this level could trigger further declines, with the next major support near $565. However, if the price stays above $588 and breaks through the $606 resistance, the bulls could propel BNB higher toward its target of $635.
BNB price is showing signs of recovery, supported by breaking several resistance levels. While the current trend appears positive, key support levels must remain firm to maintain growth.
