BNB Price Analysis: Risk of Further Decline Below $600 as Bears Take Control

  • 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.

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

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.

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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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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