As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that the current BNB price action is reminiscent of a rollercoaster ride. The price has been struggling to stay above the $500 support zone, and a close below this level could potentially trigger bearish momentum.
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BNB price started a fresh decline from the $540 resistance zone.
The price is now trading below $520 and the 100-hourly simple moving average.
There is a short-term rising channel forming with support at $500 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair could gain bearish momentum if it settles below the $500 support zone.
BNB Price Dips Again
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To summarize, the price has found a base at $495, creating a low at $496. Currently, it’s stabilizing following this drop. Additionally, there appears to be an emerging uptrend channel on the hourly BNB/USD chart, with $500 serving as its lower boundary. At present, the pair is trading below $525 and falls short of the 100-hour SMA
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Approaching a breakthrough above the $535 mark could potentially trigger a significant rise towards the next resistance at $540. If further growth occurs, it may prompt a move towards the $550 level in the short term
More Downsides?
Should BNB not manage to surpass the $522 barrier, there’s a possibility of another downtrend. A potential floor in this scenario might be around the $500 mark. The significant support below that would be roughly at $496
If the primary backing holds at $488 and prices fall beneath it, we might see a decrease in value moving towards the $465 support. Further declines could trigger a larger drop that could take us to the $450 region
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 – $500 and $496.
Major Resistance Levels – $518 and $522.
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2024-09-05 08:46