BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?
June 11 2024 - 2:28AM
NEWSBTC
BNB price struggled above $720 and started a downside correction.
The price is now moving lower and there is risk of more downsides
below $600. BNB price started a fresh decline below the $650
support zone. The price is now trading below $650 and the
100-hourly simple moving average. There is a key bearish trend line
forming with resistance at $650 on the hourly chart of the BNB/USD
pair (data source from Binance). The pair could gain bearish
momentum if there is a close below the $600 support. BNB Price
Trims Gains After a major increase, BNB price struggled near the
$720 resistance. As a result, there was a bearish reaction below
the $680 support, like Ethereum and Bitcoin. The price dipped below
the $650 support and the 100 simple moving average (4 hours). It
traded as low as $613 and is currently consolidating losses below
the 23.6% Fib retracement level of the downward move from the $724
swing high to the $613 low. The price is now trading below $650 and
the 100-hourly simple moving average. Immediate resistance is near
the $630 level. The next resistance sits near the $640 level. There
is also a key bearish trend line forming with resistance at $650 on
the hourly chart of the BNB/USD pair. A clear move above the $650
zone could send the price higher. In the stated case, BNB price
could test $665. A close above the $665 resistance might set the
pace for a larger increase toward the $672 resistance. Any more
gains might call for a test of the $680 level in the coming days.
More Losses? If BNB fails to clear the $640 resistance, it could
continue to move down. Initial support on the downside is near the
$615 level. The next major support is near the $605 level. The main
support sits at $600. If there is a downside break below the $600
support, the price could drop toward the $580 support. Any more
losses could initiate a larger decline toward the $550 level.
Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining
pace in the bearish zone. Hourly RSI (Relative Strength Index) –
The RSI for BNB/USD is currently below the 50 level. Major Support
Levels – $605 and $600. Major Resistance Levels – $630 and $650.
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