BNB price recently corrected downward from the $585 resistance area. Along with similar trends in major cryptocurrencies like Ethereum and Bitcoin, we observed BNB trading below $580. However, this downward trend halted at a significant support level of $570.
Binance Coin Found Support Here
BNB/USD pair’s hourly chart highlights a significant bullish trend line associated with this support level around $570. This suggests a potential increase if the price remains above this level. In the coming days, if the price holds above this support level, we might observe a renewed bullish trend.
After a good increase, we saw BNB price struggling near the $585 resistance. However, failing to break this resistance led to a downward reaction below the $580 support. The 
price, which traded as low as $571, is currently consolidating its losses. However, maintaining the crucial $570 support suggests that the price might regain upward momentum in the near term.
BNB Could Reach $600 Level
Looking ahead, if the price rises above the current levels, the $582 resistance area should be closely monitored. A clear move above this level could push the price higher and even test the $588 resistance.
If the price can break this resistance and close above the $588 level, it could gain larger upward momentum and start an upward trend towards the $600 resistance.
Watch These Levels for Binance Coin in a Downward Scenario!
However, in a potential downward scenario, a break below the $570 support level could bring more downside potential and direct the price towards the $565 support area. Therefore, in the near term, the trajectory of Binance Coin price will depend on movements around the $570 support level and the $582 resistance level.
If BNB fails to surpass the $582 resistance, the downward movement may continue. Currently, if the BNB/USD pair drops below the $572 level, the first support point is shown at $565. Then, the $562 level and a trend line near it are indicated as another support point.
However, the critical support level is positioned around $550. If the price drops below this level, a decline towards the $532 support may begin. From this point, a larger decline towards the $525 level could occur.
Looking at technical indicators, the hourly MACD is losing pace in the bearish zone for BNB/USD. Additionally, the hourly RSI (Relative Strength Index) is currently below the 50 level. These indicators suggest that the market might gain downward momentum.
