BNB Price Plummets Below $500: Bears Eye $420 With 20% Decline
July 05 2024 - 12:58AM
NEWSBTC
BNB price started a major decline and dived below the $500 support.
The price is now gaining bearish momentum and might even test $420.
BNB price started a major decline below the $550 support zone. The
price is now trading below $500 and the 100-hourly simple moving
average. There is a connecting bearish trend line forming with
resistance at $495 on the hourly chart of the BNB/USD pair (data
source from Binance). The pair could extend losses and even test
the $420 support in the near term. BNB Price Dives 20% In the past
few days, BNB price saw a steady decline from the $580 resistance,
like Ethereum and Bitcoin. In the past 2-3 sessions, the bears took
control and pushed the price below the $500 support zone. The price
is down 20% and it even spiked below the $475 support. A low was
formed at $466.1 and the price is now showing a lot of bearish
signs. There are hardly any signs of a recovery wave, and the price
is well below the 23.6% Fib retracement level of the downward move
from the $580 swing high to the $466 low. The price is now trading
below $500 and the 100-hourly simple moving average. If there is a
recovery wave, the price could face resistance near the $485 level.
The next resistance sits near the $492 level. There is also a
connecting bearish trend line forming with resistance at $495 on
the hourly chart of the BNB/USD pair. A clear move above the $495
zone could send the price higher. In the stated case, BNB price
could test $520 or the 50% Fib retracement level of the downward
move from the $580 swing high to the $466 low. A close above the
$520 resistance might set the pace for a larger increase toward the
$535 resistance. Any more gains might call for a test of the $550
level in the coming days. More Losses? If BNB fails to clear the
$492 resistance, it could continue to move down. Initial support on
the downside is near the $465 level. The next major support is near
the $455 level. The main support sits at $450. If there is a
downside break below the $450 support, the price could drop toward
the $432 support. Any more losses could initiate a larger decline
toward the $420 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 25 level. Major Support Levels – $465 and $450. Major
Resistance Levels – $485 and $492.
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