Binance Coin (BNB) price has been facing struggles above $720 and has started a downside correction, with the price now moving lower and at risk of more downsides below $600. The price started a fresh decline below the $650 support zone and is currently 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 sourced from Binance, with potential bearish momentum if there is a close below the $600 support.
After experiencing a surge, BNB price faced resistance near $720, leading to a bearish reaction below the $680 support level, similar to Ethereum and Bitcoin. The price dipped below $650 support and the 100 simple moving average (4 hours), reaching as low as $613 and currently consolidating losses below the 23.6% Fib retracement level. Trading below $650 and the 100-hourly moving average, immediate resistance is at the $630 level, with the next resistance at $640.
A key bearish trend line with resistance at $650 on the hourly chart of the BNB/USD pair suggests a clear move above this level could lead to higher prices, potentially testing $665 and then $672. A close above $665 may pave the way for a larger increase towards $680 in the coming days. However, failure to clear the $640 resistance could result in further downward movement, with initial support at $615 and a major support at $605, followed by the key level at $600. A break below $600 could trigger a drop towards $580 and potentially even $550.
Technical indicators show the MACD for BNB/USD gaining pace in the bearish zone, while the hourly RSI is currently below the 50 level. Major support levels are at $605 and $600, with resistance levels at $630 and $650. Overall, the BNB price is facing challenges as it struggles to maintain levels above $650 and could be at risk of further downside if key support levels are breached. Monitoring key resistance levels and technical indicators will be crucial in determining the future direction of BNB price movements.
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