The price of BNB has faced challenges recently, struggling to stay above $720 and experiencing a downward correction. It is currently trading below $650 and the 100-hourly simple moving average, with a key bearish trend line forming resistance at $650. If the price drops below the $600 support level, there is a risk of further downside movement.
Following a period of significant growth, BNB price encountered resistance near $720 and began to decline, similar to Ethereum and Bitcoin. After falling below the $650 support level and the 100 simple moving average, it reached a low of $613. The price is currently consolidating losses below the 23.6% Fib retracement level. Immediate resistance is seen around $630, with the next level at $640.
On the hourly chart of the BNB/USD pair, a bearish trend line with resistance at $650 is evident. A break above this level could lead to a test of $665 and possibly $680. Failure to surpass the $640 resistance may result in further downward movement, with initial support at $615 and major support at $605 and $600. A break below $600 could see the price drop towards $580 and potentially even $550.
Technical indicators suggest a bearish trend, with the MACD for BNB/USD gaining momentum in the bearish zone and the RSI below the 50 level. Major support levels are located at $605 and $600, while resistance levels are at $630 and $650. It will be crucial to monitor how the price reacts to these levels in the coming days to determine the direction of the trend.
In conclusion, the price of BNB has been facing downward pressure after struggling to maintain positions above key resistance levels. With the potential for further downside movement if support levels are breached, traders and investors need to closely monitor the price action to make informed decisions. As the market continues to fluctuate, staying updated on technical indicators and key levels will be essential in navigating the volatility of BNB price movements.
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