Binance Coin (BNB) has been on a decline since it attained a high of $720.67 on June 6th. Trading at $576.22, BNB’s value has dropped by a significant 2.4%. This decrease came as the price fell below its breakout point of $625 and as a result, fell under both 50-day and 20-day simple moving averages.
ON JUNE 6,(BNB) reached a high of $720.67, after which it started to fall without stoppage. BNB is now trading at $576.22, indicating that it has lost about 24% of its value. What mainly caused this decrease was a decrease below the level from which it broke out at $625 and then became positioned underneath both the 20-day EMA and 50-day SMA for several days in a row.
After falling to a support zone near $550, BNB attempted a recovery wave, moving above the $575 level and the 100-hourly simple moving average. A short-term rising channel with support at $578 is forming on the hourly chart of the BNB/USD pair. This pattern indicates potential bullish momentum if BNB can close above the $585 resistance level.
BNB Recent Price Movement and Support Levels
Over the past few days, BNB has experienced a steady decline from the $592 resistance, similar to movements seen in Ethereum and Bitcoin. The price fell below $575 and $560, but bullish support appeared near $550. A recent low at $550.8 triggered a recovery wave, with BNB surpassing resistance levels at $565 and $575.
The price also broke the 61.8% Fibonacci retracement level of the downward move from the $593 swing high to the $550 low, reinforcing the short-term rising channel with support at $578.
Despite short-term declines, BNB has gained a lot over the past week and month surpassing 180-day and one-year-ago prices. There is still bearish market sentiment around BNB because of significant selling pressures contributing to its recent downtrend.
Also, with the imminent support levels, it’s a possibility for upward move that can drive the price above recent averages.BNB’s market cap stands at $89.82 billion while it has traded volume of $1.7 billion. An RSI of 46.4 indicates an unsettled market which suggests traders may want to explore other options in their trading approach However there remains imminent support levels leaving the potential for an upside move at this time.
Binance Coin (BNB) continues to struggle to maintain a stable uptrend. With substantial resistance levels as well as bearish market sentiment, the future price action for BNB remains ambiguous.
