BNB Price Plunges 20% 📉
Over the past few days, BNB price has experienced a significant drop, falling below the key $500 support level, reminiscent of the trends seen in Ethereum and Bitcoin. The bears have taken control of the market, pushing the price down by 20% from the $580 resistance level.
The price dipped below $475 and hit a low of $466.1, indicating strong bearish momentum. As of now, there are few signs of a potential recovery, with the price lingering well below the 23.6% Fibonacci retracement level from the recent swing high of $580 to the low of $466.
Currently, BNB is trading below $500 and the 100-hourly simple moving average, suggesting further downward pressure. A potential recovery could face hurdles around the $485 level, with resistance at $492. Additionally, a bearish trend line is forming with resistance at $495 on the BNB/USD hourly chart.
A breakout above the $495 level could result in a push towards $520 or even the 50% Fibonacci retracement level at $535. Breaking the $520 resistance may pave the way for a larger uptrend towards $550 in the near future.
Possible Further Declines? 📉
If BNB fails to surpass the $492 resistance level, it could continue its downward trajectory. Initial support is seen at the $465 level, followed by a more significant support level at $455, and a critical support level at $450. A break below $450 could lead to a further decline towards $432, potentially setting the stage for a larger drop to $420.
Technical Indicators 📊
- Hourly MACD – The MACD for BNB/USD is showing a bearish trend.
- Hourly RSI – The RSI for BNB/USD is currently below the 25 level, indicating oversold conditions.
Key Levels to Watch 📈📉
- Major Support Levels – $465, $450
- Major Resistance Levels – $485, $492
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