BNB Price Update
BNB price has experienced a fresh decline, moving below the crucial $650 support level. As a result, it is now trading under $650 and the 100-hourly simple moving average, reflecting a bearish signal in the market. Market data from Binance shows that there is a key bearish trend line with resistance at $650 on the hourly BNB/USD chart, indicating potential downward movement in the near future. If the price fails to hold above the $600 support level, we could see a further decline in BNB value.
BNB Price Trims Gains
Following a significant increase, BNB price faced resistance near the $720 mark, leading to a bearish trend below the $680 support level, mirroring the performance of other major cryptocurrencies like Ethereum and Bitcoin. The price dropped below $650, as well as the 100 simple moving average over a 4-hour period, reaching a low of $613 and currently consolidating losses beneath the 23.6% Fib retracement level from the peak of $724 to the low of $613. With the price now below $650 and the 100-hourly simple moving average, immediate resistance is seen around $630, followed by the $640 level.
- If the price surpasses the $650 resistance, it may reach $665 and potentially test $672.
- Further gains could propel the price towards $680 in the days ahead.
More Losses?
In the event that BNB struggles to break through the $640 resistance level, a continuation of the downward movement is likely. Initial support is anticipated around $615, with a significant support level at $605. The primary support level stands at $600, and a breach below this point could trigger a further decline towards the $580 support level. Continued losses could potentially lead to a larger drop to the $550 range.
Technical Indicators
Key technical indicators for BNB/USD signal a bearish trend:
- Hourly MACD: The MACD indicator for BNB/USD is displaying bearish momentum.
- Hourly RSI: The Relative Strength Index for BNB/USD is currently below the 50 level.
Key support levels to watch are $605 and $600, while resistance levels are identified at $630 and $650.
Hot Take: BNB Price Forecast
Based on the current market performance, BNB price is facing downward pressure, with a potential for further losses if key support levels are breached. Traders should closely monitor the $600 support level as a critical threshold for maintaining bullish momentum. Failure to hold above this level could result in a more significant decline towards $550. Conversely, a breakout above the $650 resistance could signal a bullish reversal, pushing the price towards $680 in the short term.
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