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- BNB price found resistance above $720 before entering a downward correction phase.
- It is now trading below $650, with potential declines threatening to push the price beneath the $600 level.
- There’s a forming bearish trend line with resistance at $650 on the hourly BNB/USD chart according to Binance data.
- A close below the $600 support could accelerate the bearish trend.
BNB price shows signs of further declines after failing to maintain its gains, risking a drop below $600.
BNB Price Experiences Correction
Following a significant surge, BNB faced resistance at around $720. This resistance triggered a bearish reversal below the $680 support level, mirroring moves seen in Ethereum and Bitcoin.
The decline pushed BNB below the $650 support and the 100-hour simple moving average, reaching a low of $613. Currently, the price is consolidating below the 23.6% Fibonacci retracement level from the $724 high to the $613 low.
BTC is now positioned under $650 and the 100-hourly SMA, with immediate resistance around $630 and $640. Breaking these levels could propel the price higher.
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Danger of Further Decline
On the downside, if the price fails to overcome the $640 resistance, it could face more losses. Initial support lies around $615, with major support around $605 and $600. Falling below $600 could drive the price to $580, and potentially to the $550 level, signaling a more profound decline.
Technical Indicators
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The hourly MACD for BNB/USD is moving deeper into bearish territory.
Hourly RSI for BNB/USD is currently below 50, indicating a bearish trend.
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Key Support Levels: $605 and $600.
Key Resistance Levels: $630 and $650.
Conclusion
BNB’s price has entered a notable correction, with risks of breaking below critical support levels. Investors should closely watch the $600 threshold, as falling beneath it could exacerbate the bearish trend. On the flip side, surpassing the $640 and $650 resistance levels might revive bullish momentum. Monitoring these levels will be crucial in anticipating BNB’s next move.
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