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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…
The cryptocurrency sector is in the spotlight again as ZachXBT has accused decentralized exchange Tokenlon…
Mantle kicked off 2026 with a milestone event: it reached more than $1 billion in…