As a researcher with extensive experience in the cryptocurrency market, I cannot help but feel concerned about the recent decline in BNB price. The price dived below the crucial $500 support and is now gaining bearish momentum, trading well below the 100-hourly simple moving average.
The BNB price has taken a significant downturn, falling beneath the $500 mark that previously provided support. This trend is indicative of a strong bearish movement in the market, which could potentially push the price down to around $420.
- BNB price started a major decline below the $550 support zone.
The price is now trading below $500 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $495 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could extend losses and even test the $420 support in the near term.
BNB Price Dives 20%
Over the past few days, I’ve noticed a downtrend in BNB‘s price action. It previously tried to break through the resistance at $580, similar to Ethereum and Bitcoin, but failed. In the last 2-3 trading sessions, bears have been in charge, causing the price to fall below the crucial support zone of $500.
The cost has dropped by 20%, dipping beneath the $475 mark that previously served as support. A new low was established at $466.1, and current trends indicate a significant downturn. Recovery signals are minimal, and the price sits far below the 23.6% Fibonacci retracement threshold, which marks the point where a portion of the downward move from the $580 peak to the $466 trough should have been recovered.
As a researcher studying the BNB/USD pair, I’ve observed that the price currently hovers below the $500 mark and beneath the 100-hour simple moving average. Should a recovery wave emerge, the price may encounter resistance around the $485 level. The next level of resistance is situated near $492. Additionally, there seems to be a bearish trend line taking shape on the hourly chart, with resistance forming at approximately $495 for the BNB/USD pair.
As an analyst, I would interpret a break above the $495 resistance as a strong indication for further price growth. In this specific scenario, the Binance Coin (BNB) could potentially reach levels of $520 or even touch the 50% Fibonacci retracement mark from the swing high at $580 to the low at $466.
Reaching a point very near to $520 mark as the next resistance could pave the way for a more substantial rise, potentially pushing towards the $535 resistance. Further progress may even necessitate challenging the $550 threshold in the imminent future.
More Losses?
Should BNB be unable to surpass the $492 resistance mark, there’s a possibility of further price declines. A potential floor in this scenario can be found around the $465 price point.
The next major support is near the $455 level. The main support sits at $450. If there is a downside break below the $450 support, the price could drop toward the $432 support. Any more losses could initiate a larger decline toward the $420 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 25 level.
Major Support Levels – $465 and $450.
Major Resistance Levels – $485 and $492.
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2024-07-05 08:13