BNB is back in a downward range after making a short bounce a week ago. This came with a rejection and is now on the verge of breaking a monthly support level following a notable drop in the past week.
After failing to resume bullish in mid-February, BNB took a downturn and posted losses for the rest of the month with a strong close under the $600 level. It pushed above this level earlier this month and later faced resistance at $635. It lost momentum and advanced bearish at full speed.
Closing last week at a huge loss, it advanced selling pressure today and slipped to where it trades near the key $544 support level. We may see a rejection at this support level if the bulls defend well. But unfortunately, they currently show no signs of interest as they appeared off the market.
A breakdown at this support will confirm a double-top pattern forming since the price rejected the $730 level last month. While the build-up indicates a potential loss from a mid-term perspective, the target level to watch for this breakdown is $400 – marked as last August’s low.
Currently, the bulls are nowhere to be found. If they show up with a strong commitment, we may see rejections with a potential bounce.
Source: Tradingview
If BNB breaks the mentioned support level, it will likely face the $520 level before testing the key $500 level – tested as February low. A dip below it should send the price to the mentioned August 2024 low.
The $577.3 level is held as resistance. The $612.9 and $635 levels are higher resistance to watch incase of a recovery. For now, the bears are in charge.
Key Resistance Levels: $577.3, $612.9, $635
Key Support Levels: $544, $520, $500
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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