BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?

As an experienced financial analyst, I’ve been closely monitoring the cryptocurrency market and have observed that BNB price has faced a setback after struggling to break above the $720 resistance. The subsequent bearish reaction brought the price below the crucial support at $650 and the 100-hourly simple moving average.

The BNB price faced resistance above the $720 mark and initiated a decline. Currently, it’s trending downward, and there’s a possibility for further decreases toward the $600 level.

    BNB price started a fresh decline below the $650 support zone.
    The price is now trading below $650 and the 100-hourly simple moving average.
    There is a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair (data source from Binance).
    The pair could gain bearish momentum if there is a close below the $600 support.

BNB Price Trims Gains

Following a significant rise, the BNB price encountered obstacles around the $720 mark, acting as a resistance. Consequently, there was a downturn beneath the $680 level of support, mirroring trends in Ethereum and Bitcoin.

The price fell beneath the $650 mark, which served as support and the 100-simple moving average on a 4-hour chart. It reached a low of $613 and is now stabilizing, with losses contained below the 23.6% Fibonacci retracement level following the price’s descent from its $724 peak to $613 trough.

At present, the price is hovering around $650 mark and beneath its 100-hour moving average. Nearby, there’s a resistance at approximately $630. The next resistance can be found around $640.

BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?

Another interpretation: On the hourly chart for BNB/USD, a bearish trend line is emerging with a resistance level at $650. If the price breaks above this barrier, it could lead to further gains, potentially reaching $665. A successful breach of the $665 resistance might signal the beginning of a more significant upward trend toward the $672 resistance. Further progress may even result in a challenge of the $680 mark in the near future.

More Losses?

Should BNB be unable to surpass the $640 barrier, there’s a possibility it may carry on descending. A preliminary floor for potential declines lies around the $615 mark.

As a researcher, I’ve identified two crucial support levels for the asset under observation. The first one is located just above at around $605. The second and more significant one lies at $600. A breach below the $600 mark could lead to further downward pressure, potentially pushing the price toward the third support level at approximately $580. If losses continue beyond that point, there’s a risk of triggering a larger decline, which might take us down to around $550.

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 50 level.

Major Support Levels – $605 and $600.

Major Resistance Levels – $630 and $650.

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2024-06-11 11:10