BNB Faces Pressure: Are Bears Pushing It Down to Previous Support Levels?

BNB Faces Pressure: Are Bears Pushing It Down to Previous Support Levels?

Summary:
BNB has experienced significant bearish pressure, leading its price to drop from a high of $1,121.33 to around $1,085.64. As bears may facilitate further declines, traders should watch key support levels and market indicators.

Key Takeaways

BNB's current price is approximately $1,085.64, with a market cap of $149.13 billion.
Daily trading volume has seen a boost of over 24.5%, totaling around $4.91 billion.
The Moving Average Convergence Divergence (MACD) suggests BNB is currently in a bearish phase.
Market balance indicates no strong control from buyers or sellers.
Key price levels to monitor include the support level at $1,077 and resistance at $1,093.

Current BNB Market Status

In the early hours, BNB traded at a high of $1,121.33. However, due to a notable bearish shift in the market, the price has since fallen to a low of $1,050.13. If bearish trends continue to gain momentum, BNB could fall further into the previous support zones.

As it stands, BNB is trading around $1,085.64, boasting a market capitalization of $149.13 billion. The trading volume has surged by over 24.5%, now reaching approximately $4.91 billion. According to Coinglass data, in the last 24 hours, the market witnessed liquidations worth $10.30 million in BNB.

Bears' Grip on BNB: What’s Next?

The Moving Average Convergence Divergence (MACD) for BNB shows both the MACD line and signal line positioned below the zero line, indicating the asset is in a bearish phase. Until a significant reversal occurs, BNB is likely to remain vulnerable. Furthermore, the Chaikin Money Flow (CMF) indicator stands at 0.01, suggesting a neutral to slightly bullish momentum, revealing that buying and selling pressures are nearly equal, with a slight inclination towards accumulation.

BNB chart (Source: TradingView)

The daily Relative Strength Index (RSI) for BNB is currently at 47.40, indicating a balanced market condition where neither buyers nor sellers maintain significant control. Consequently, there is no clear bullish or bearish momentum. Additionally, a reading of 4.37 on the Bull Bear Power (BBP) indicates that the bulls hold a slight edge, evidenced by a minor upward price push, suggesting a brief dominance of bulls over bears.

Traders should keep a close eye on the BNB/USDT trading pair. If the price hits the critical support zone at $1,077, a prolonged bearish correction might lead to the emergence of a death cross, pushing the price lower than the $1,069 mark. Conversely, if bullish sentiment returns and the price trends upwards, it could rise towards the $1,093 resistance level. A strong bullish correction could also initiate a golden cross, potentially elevating the price to $1,101.

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