BNB price remained above $720 and began a downward correction. The price is currently falling and there is a risk of further falls below $600.
- BNB price has started a modern decline below the $650 support zone.
- The price is currently below $650 and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of the BNB/USD pair with resistance at $650 (data source from Binance).
- The pair may gain bearish momentum if there is a close below the $600 support.
BNB price reduces profits
After a significant enhance, the BNB price struggled with resistance at $720. As a result, there was a bearish reaction below the support at $680, similar to what happened with Ethereum and Bitcoin.
The price fell below the support at $650 and the basic moving average at $100 (4 hours). It has traded as low as $613 and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from a high of $724 to a low of $613.
The price is currently below $650 and the 100-hour basic moving average. Immediate resistance is near the $630 level. The next resistance is near the $640 level.
A key bearish trend line is also forming on the hourly chart of the BNB/USD pair with resistance at $650. A clear move above the $650 zone may result in a price enhance. In the given case, the BNB price could test $665. A close above the $665 resistance could set the pace for a larger rally towards the $672 resistance. Further increases may mean a test of the $680 level in the coming days.
More losses?
If BNB does not break the resistance at $640, it may continue to decline. Initial downside support is near the $615 level.
The next significant support is near the $605 level. The main support is $600. If there is a break below the $600 support, the price could fall towards the $580 support. Larger losses could trigger a larger decline towards the $550 level.
Technical indicators
Hourly MACD – MACD for BNB/USD is gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Main support levels – USD 605 and USD 600.
Major resistance levels – $630 and $650.
