As a researcher with experience in cryptocurrency market analysis, I have been closely monitoring the price action of BNB. After a strong rally above $720, the price faced resistance and started a corrective move lower. The current trend suggests that there is a risk of more downsides below $600.
The BNB price faced resistance above the $720 mark and initiated a decline. Currently, it’s trending downward, with potential for further drops below 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 challenges at the $720 barrier. Consequently, a downturn occurred beneath the $680 anchor, mirroring the trends of Ethereum and Bitcoin.
The price fell beneath the $650 mark, which serves as support and the 100-simple moving average (SMA) on the 4-hour chart. It reached a low of $613 and is now in the process of regrouping, remaining below the 23.6% Fibonacci retracement level – a significant support mark during the price’s descent from its high at $724 to its low at $613.
At present, the price is hovering around $650 mark and beneath its 100-hour moving average. A barrier to further growth lies at approximately $630. Another resistance can be found around $640.
An intriguing development on the hourly BNB/USD chart is the emergence of a bearish trendline, marking resistance at around $650. Should BNB manage to surpass this barrier, we could potentially see the price climbing further, perhaps even reaching $665. A successful break above the $665 resistance may pave the way for additional growth towards the $672 level. Further gains might eventually lead us to reevaluate the $680 mark in the near future.
More Losses?
If BNB doesn’t manage to surpass the $640 barrier, there’s a possibility it may keep declining. The first line of defense on the downside lies around the $615 mark.
As an analyst, I’d interpret the current market situation as follows: My analysis indicates that the next significant level of support is situated around $605. Meanwhile, the primary support lies at $600. In the event of a price drop below this crucial support level at $600, it could trigger further declines, potentially reaching the $580 support. If losses continue beyond that point, we may witness a more substantial downturn, leading us toward the $550 mark.
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 15:40