BNB Price Correction: Where is it Headed Next?
BNB price has recently faced a correction after failing to break above the $720 resistance level. The price dipped below $650, moving below the 100-hourly simple moving average on the 4-hour chart. Currently, BNB is consolidating losses below the $630 level, with potential for further downward movement.
Key Price Levels to Watch
- BNB price is now trading below $650 and the 100-hourly simple moving average, indicating a bearish trend.
- Immediate resistance is at the $630 level, followed by a stronger resistance at $640.
- A key bearish trend line is forming with resistance at $650 on the hourly chart of the BNB/USD pair.
- If the price manages to break above $650, it could test the $665 resistance, potentially reaching $672.
Potential for Further Losses
If BNB fails to clear the $640 resistance level, there is a possibility of continued downward movement. Key support levels to watch include:
- Initial support near $615.
- Major support at the $605 level.
- Main support at $600, a crucial level to monitor for further declines.
- A break below $600 could see the price dropping towards $580, with further losses potentially leading to a decline to $550.
Technical Indicators Signal Bearish Momentum
- Hourly MACD shows increasing bearish momentum for BNB/USD.
- Hourly RSI is currently below the 50 level, indicating a bearish sentiment in the market.
- Major support levels to watch include $605 and $600, with resistance levels at $630 and $650.
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