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.
Credit: Source link
