BNB Drops Below $500, Extended Bearish Trend On The Horizon?
05 July 2024 - 9:00PM
NEWSBTC
BNB has recently fallen below the critical $500 support mark,
signaling the continuation of a bearish trend. This decline
reflects increased selling pressure and growing bearish sentiment
within the cryptocurrency market. As BNB slips under this
significant threshold, analysts and traders are closely watching
for further downward movement, potentially targeting lower support
levels. The breach of the $500 mark is a key indicator of ongoing
market weakness, suggesting that BNB may face continued challenges
in the near term. With the help of technical indicators to provide
comprehensive insights into potential future movements, key support
levels to watch, and strategies for investors and traders to
navigate the ongoing downturn, this article explores the bearish
sentiment surrounding BNB’s price. At the time of writing,
BNB’s price was down by over 10%, trading at about $471, with a
market valuation of more than $69 billion and a trading volume of
more than $2 billion. In the last 24 hours, the market
capitalization of BNB has dropped by 10.88%, while trading volume
has increased by 37.43%. Technical Indicators Highlight Sustained
Bearish Market Conditions The price of BNB on the 4-hour chart is
actively bearish trading below the 100-day Simple Moving Average
(SMA). As of the time of writing, the price has made a huge drop
below the $500 support mark which has triggered more bearishness
for the crypto asset. With the formation of the 4-hour Moving
Average Convergence Divergence (MACD), the price of BNB is set to
face further decline as the MACD histograms are trending below the
zero line with strong momentum. Also, the MACD line and signal line
have sharply dropped and are trending below the zero line with a
good spread. On the 1-day chart, it can be observed that BNB is
trading below the 100-day SMA and is attempting to drop the third
bearish candlestick in a row with strong momentum. This development
suggests that the price is still actively bearish and may continue
to decline. Lastly, the 1-day MACD signals a potential further
decline in the price of BNB since the MACD histograms are trending
below the zero line with strong momentum. Both the MACD line and
the MACD signal line are also observed to be trending below zero
after a cross below it. What To Watch Next For BNB Current analysis
reveals that the price of BNB could be heading toward the $357
support level. If BNB’s price reaches the $357 support level and
breaks below, it may continue to drop to test the $202 support
level and potentially move on to challenge other lower levels if it
breaches the $202 level. However, should the crypto asset encounter
a rejection at the $357 support level, it will begin to move upward
toward the $500 level once again. If it moves above this level, it
may continue to climb to test the $635 resistance level and
potentially move on to test other higher levels if it breaches the
$635 resistance level. Featured image from Adobe Stock, chart from
Tradingview.com
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