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

As a researcher with extensive experience in the cryptocurrency market, I have closely observed the recent price action of Binance Coin (BNB). My analysis indicates that BNB’s price has started a downside correction after struggling above the $720 resistance. The current trend suggests risk of more downsides below $600.

As a researcher studying the cryptocurrency market, I’ve observed that the BNB price faced resistance around $720 and subsequently initiated a decline. Currently, the price trend is bearing downwards, and there’s a potential risk of further depreciation below the $600 mark.

    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 substantial rise, the BNB token encountered resistance at around $720. Consequently, the market showed bearish signs, pushing the price below the $680 support level, similar to Ethereum and Bitcoin‘s trends.

The price fell beneath the $650 mark, which functions as support along with the 100-simple moving average on the 4-hour chart. It reached a low of $613 and is now in the process of regrouping, staying below the 23.6% Fibonacci retracement level following its downward trend from the peak at $724 to the trough at $613.

Currently, the price is hovering around $650 mark and beneath its 100-hour moving average. A potential resistance can be found close to $630. Another resistance lies at approximately $640.

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

An intriguing bearish trendline is taking shape on the hourly BNB/USD chart, with a significant resistance level at $650. Should the price break through this barrier, we could witness a price surge towards $665. A successful close above the $665 mark would potentially pave the way for further growth, possibly pushing the price up to the $672 resistance. Any additional gains might lead us to revisit the $680 level in the near future.

More Losses?

As a crypto investor, if BNB doesn’t manage to break through the $640 resistance, there’s a strong possibility that its price may keep falling. The initial floor for potential support lies around the $615 mark.

As a crypto investor, I closely monitor the market and have identified key support levels for my investment. The next significant support lies around the $605 mark. However, my primary focus is on the main support at $600. Should the price fall beneath this level, it may trigger a downward trend towards the $580 support. If further losses occur, I’m prepared for a more substantial decline that could potentially reach the $550 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 50 level.

Major Support Levels – $605 and $600.

Major Resistance Levels – $630 and $650.

Read More

2024-06-11 09:40