Binance Coin (BNB) price has been facing difficulties in maintaining its upward momentum, struggling to stay above $720 and eventually starting a downside correction. The price is currently in a downward trend with the risk of further losses below the $600 mark.
The recent decline in BNB price saw it breaking below the key $650 support zone and the 100-hourly simple moving average. Additionally, a bearish trend line has formed with resistance at $650 on the hourly chart of the BNB/USD pair sourced from Binance. If the price continues to slide, it could gather bearish momentum with a potential close below the $600 support level.
Following a significant surge, BNB price faced resistance near $720, leading to a bearish reaction towards the $650 support level. The price dropped to as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level. It is now trading below $650 and the 100-hourly simple moving average, with immediate resistance around $630 and further resistance near $640.
The formation of a bearish trend line at $650 on the hourly chart signals a potential upward movement if the price manages to surpass this level. A breakthrough could lead to a test of $665 and further gains towards $672 and $680. However, if the price fails to clear the $640 resistance, it could continue its downward trajectory with initial support at $615, followed by $605 and the critical $600 support level. A breach below $600 could trigger a further decline towards $580 and potentially reach $550.
In terms of technical indicators, the MACD for BNB/USD is showing bearish momentum on the hourly chart, while the RSI is currently below the 50 level. Major support levels to watch out for are at $605 and $600, while resistance levels are at $630 and $650. Traders and investors should closely monitor these levels and indicators to gauge the potential direction of BNB price movement in the coming days.
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