BNB recently fell below the crucial $500 support mark, signaling a continuation of its bearish trend. The drop reflects increasing selling pressure and growing bearish sentiment in the cryptocurrency market.
If BNB falls below this key threshold, analysts and traders will be watching for further declines and may target lower support levels. The breakout through the $500 level is a key indicator of continued market weakness, suggesting that BNB may continue to face challenges in the near term.
In this article, we explore the landscape surrounding the bearish sentiment with the help of technical indicators that offer comprehensive insights into future movements, key support levels to watch out for, and strategies for investors and traders to weather the ongoing decline. BNB Price.
At the time of writing, the price of BNB has fallen by over 10% and is trading at around $471. It has a market cap of over $69 billion and a trading volume of over $2 billion. In the past 24 hours, BNB’s market cap has fallen by 10.88%, while trading volume has increased by 37.43%.
Technical indicators point to sustained bearish conditions
The price of BNB on the 4-hourly chart is showing a bearish movement below the 100-day simple moving average (SMA). At the time of writing, the price has been climbing significantly. Falling Down The $500 support mark triggered further weakness in the crypto asset.
With the 4-hours Moving Average Convergence Divergence (MACD) forming, the price of BNB is likely to face further declines as the MACD histogram is trending below the zero line with strong momentum. Also, the MACD line and the signal line are trending sharply down and below the zero line with a good spread.
On the 1-day chart, we can see that BNB is trading below the 100-day SMA and is attempting to break below three consecutive bearish candles with strong momentum. This development suggests that the price is still actively bearish and may continue to fall.
Finally, the daily MACD suggests that BNB price may decline further as the MACD histogram is crossing below the zero line with strong momentum. We have also observed that both the MACD line and the MACD signal line are trending below zero after crossing below zero.
What’s next for BNB?
Current analysis reveals that the BNB price may be heading towards the support level at $357. If the BNB price reaches and breaks below the support level at $357, it may continue its drop to test the support level at $202 and if it breaks through the $202 level, it may challenge lower levels.
However, if the crypto asset is rejected at the $357 support level, it will once again start moving up towards the $500 levels. If it crosses this level, it may continue its rise to test the $635 resistance level and if it breaks through that level, it may proceed to test even higher levels.
Featured image from Adobe Stock; chart from Tradingview.com
