BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?
BNB price struggled above $720 and started a downside correction. The price is now moving lower and there is risk of more downsides below $600.
BNB price started a fresh decline below the $650 support zone.
The price is now 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 (data source from Binance).
The pair could gain bearish momentum if there is a close below the $600 support.
BNB Price Trims Gains
After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like Ethereum and Bitcoin.
The price dipped below the $650 support and the 100 simple moving average (4 hours). It traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the $724 swing high to the $613 low.
The price is now trading below $650 and the 100-hourly simple moving average. Immediate resistance is near the $630 level. The next resistance sits near the $640 level.
There is also a key bearish trend line forming with resistance at $650 on the hourly chart of the BNB/USD pair. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger increase toward the $672 resistance. Any more gains might call for a test of the $680 level in the coming days.
More Losses?
If BNB fails to clear the $640 resistance, it could continue to move down. Initial support on the downside is near the $615 level.
The next major support is near the $605 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $580 support. Any more losses could initiate a larger decline toward the $550 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $605 and $600.
Major Resistance Levels – $630 and $650.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings