BNB Price Faces Fresh Decline
BNB price has begun a new downtrend after failing to break above the $720 resistance level. Following a bearish reaction, the price dropped below key support levels, including $680, similar to movements in Ethereum and Bitcoin.
Key Support and Resistance Levels
- 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.
Price Analysis and Trends
After dipping below the $650 support and the 100 simple moving average (4 hours), the price reached a low of $613 before starting to consolidate. Currently, the price is trading below $650 and the 100-hourly simple moving average, indicating a bearish trend.
There is a key bearish trend line with resistance at $650 on the BNB/USD hourly chart. To reverse the trend, a clear break above $650 is needed. In this scenario, the price could aim for $665, with further gains targeting $672 and potentially $680 in the near future.
Potential for Further Losses
If the price fails to surpass the $640 resistance level, it may continue to move downwards. Initial support is expected at $615, followed by a stronger support at $605, and a critical level at $600. A breach below $600 could lead to a drop towards $580 and potentially $550.
Technical Indicators
- Hourly MACD – The MACD for BNB/USD is showing bearish momentum.
- Hourly RSI – The RSI for BNB/USD is currently below the 50 level, indicating a bearish sentiment.
- Major Support Levels – $605, $600
- Major Resistance Levels – $630, $650
Conclusion
BNB price is facing a downward trend after failing to break above key resistance levels. The price is currently below $650 and the 100-hourly simple moving average, with the possibility of further losses if key support levels are breached.
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