Due to recent fluctuations in the cryptocurrency market, Binance Coin (BNB) price has entered a noticeable downtrend below the $600 level. Especially as other major cryptocurrencies like Ethereum and Bitcoin have also experienced declines during this period, BNB has joined this trend by falling below the $585 support level.
BNB Price Struggles to Surpass $600
BNB price recently failed to surpass the $600 resistance zone, entering a new downtrend. Currently, the price is observed to be trading below $585. This situation serves as an important indicator to evaluate the current market condition and the potential short-term price movements.
When analyzing the chart, a significant downtrend line around $575 has become apparent on the hourly chart of the BNB/USD pair. This indicates that the price is encountering resistance at these levels and is under downward pressure.
Currently, the price trading below $585 presents a negative short-term outlook. However, if the price surpasses the resistance near the $575 level, it could gain upward momentum.
Another determining factor for the future is surpassing the $600 resistance and maintaining a stable movement above this level. In this case, a larger upward momentum towards the $650 resistance can be expected. However, if the price surpasses these levels, it may need to test the $680 level.
What Do Technical Indicators Say?
Looking at the current situation, the four-hour MACD indicator on the BNB/USD pair is losing speed in the bearish zone. Similarly, the four-hour RSI (Relative Strength Index) is also below the 50 level. These indicators point to potential short-term declines in the value of Binance Coin.
The first support level on the downside for the BNB/USD pair is around $560. If this level breaks downward, the next significant support is near the $550 level. However, the most crucial support level is at $532.
A break below this level could signal the start of a larger downtrend for Binance Coin. In this case, the price is expected to retreat to the $510 support level. Worse, a larger decline towards the $500 level could begin. Looking at resistance levels, the $575 resistance is a significant obstacle. If this level is surpassed, the $585 and $600 levels can be seen as resistance.
