BNB price struggled above $720 and started a downward correction. The price is now moving lower and there is a risk of more downside below $600.
- BNB price started a new decline below the USD 650 support zone.
- The price is now trading below $650 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $650 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair could gain bearish momentum if a close occurs below the $600 support.
BNB price cuts profits
After a big rise, BNB price struggled near the USD 720 resistance. As a result, there was a bearish reaction below the $680 support, such as Ethereum and Bitcoin.
The price fell 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-hour moving average. The immediate resistance is near the USD 630 level. The next resistance is near the $640 level.
There is also a major bearish trendline 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 said case, BNB price could test $665. A close above the USD 665 resistance could set the pace for a bigger rise towards the USD 672 resistance. Any further gains could require a test of the $680 level in the coming days.
Lose more?
If BNB fails to clear the USD 640 resistance, the price may continue to decline. The initial downside support is near the USD 615 level.
The next major support is near the $605 level. The main support is at $600. If there is a downside break below the USD 600 support, the price could fall towards the USD 580 support. Any further losses could trigger a bigger decline towards the $550 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – USD 605 and USD 600.
Major resistance levels – $630 and $650.