BNB Price Analysis: Are $660 and $564 Support Levels Resilient Enough?

BNB Price Analysis: Are $660 and $564 Support Levels Resilient Enough?

Summary: This article examines the recent bearish trends in the BNB market and analyzes key support levels at $660 and $564. We look at the current trading condition and technical indicators to predict potential price movements.

Key Takeaways:

BNB has recently experienced a decline from a high of $903.68 to its current price of around $809.19.
Significant support levels are identified at $660 and $564, with $853 being the nearest support level.
The bearish market trend is reinforced by technical indicators, including the MACD, Chaikin Money Flow, and RSI.
A potential bullish reversal could push the price towards $813.49, while a continued downtrend may test lower support levels.

BNB was trading at a peak of $903.68 before entering its current bearish phase, falling to around $809.19, with a total market capitalization of $111.51 billion. The daily trading volume has spiked significantly by 46.55%, reaching $4.31 billion. Over the past 24 hours, liquidations in the market amounted to $8.74 million.

In the current market structure, BNB is situated between two important price clusters according to the Unevenly Realized Price Distribution (URPD) chart. This chart indicates three critical support levels where substantial BNB transactions have occurred. The first support at $853 is just above the current price but has recently been breached. Below this, $660 serves as a robust support area backed by a strong holder base, while $564 represents a deeper support level with high concentration, likely to provide significant demand.

Are BNB Bulls Likely to Overcome Bearish Pressure Soon?

The BNB/USDT trading pair is showing a bearish pattern, with expectations of a drop towards the support level at $805.36. If the price continues to decline, it could reveal a death cross pattern, potentially leading the bears to push it down to around $801.78. Conversely, if the price reverses, the asset might recover toward the resistance at $813.49. A sustained upward movement could pave the way for a golden cross, with the bulls aiming to lift BNB above $817.88.

BNB chart (Source: TradingView)

According to the technical analysis, the Moving Average Convergence Divergence (MACD) and its signal lines remain below the zero line, indicating a prevailing bearish momentum. This suggests the asset may continue on its downward trend. Additionally, the Chaikin Money Flow (CMF) figure at -0.05 indicates slight selling pressure in the BNB market, meaning that outflows are currently outpacing inflows, although the selling sentiment isn't overwhelmingly strong.

The daily Relative Strength Index (RSI) is positioned at 25.19, reflecting an oversold condition for BNB. Given this scenario, there's potential for a downside stretch, which could prompt a bounce or brief recovery. With a Bull Bear Power (BBP) value of -90.42, the bearish trend remains dominant, suggesting that sellers are controlling the market, and the price is continuing to trend downwards. This bearish outlook is likely to persist unless there is an improvement in buying pressure.

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