- BNB faces significant resistance at $900 and has dropped below key support levels, with $829–$834 as a crucial zone to watch for further declines.
- The Relative Strength Index (RSI) indicates oversold conditions, while the 200-day Simple Moving Average (SMA) has turned from support to resistance, reinforcing a bearish trend.
- If BNB fails to maintain support above $829, the next significant support zone lies at $725, which could act as a turning point or signal further downside.
Binance Coin (BNB) continues its downward movement, slipping below key support levels over the past few days. The price has dropped to $879.40, showing a 1.27% decline in the last 24 hours. Traders and market analysts are now closely monitoring the coin’s performance, with many expecting further declines if the next support levels do not hold.
Key Price Levels Under Scrutiny
BNB recently encountered strong resistance around the $900 mark, a level it failed to surpass. This failure triggered a pullback, pushing the price lower and breaking through key support zones. The current support zone lies between $829 and $834, and a break below this range could signal further downside. If BNB fails to hold this area, the next significant target is the $725 range, a crucial support zone that traders see as a potential turning point.
Source: CoinMarketcap
BNB’s market cap has dropped to $121.12 billion, which reflects the recent price decrease. Despite the decline, the coin continues to see significant trading volume, recording $1.74 billion over the past 24 hours. However, the increased volume has not been enough to reverse the negative price action, and BNB remains below important technical indicators like the 200-day Simple Moving Average (SMA).
Technical Indicators Suggest Further Downside
The Relative Strength Index (RSI) for BNB is in the lower range, indicating the coin may be oversold. While this could point to a potential short-term bounce, the broader trend remains bearish. The RSI confirms that BNB faces continued downward pressure, and its price struggles to regain upward momentum.
The 200-day SMA, a key long-term indicator, has fallen below the current price, reinforcing the bearish outlook. This level was previously a major support point but has now turned into resistance. Traders have highlighted this shift as a warning sign, as BNB could struggle to recover without a solid rally above this SMA.
As BNB hovers near these critical levels, the next few days will be decisive in determining its future path. If the coin breaks below $725, it could mark a further slide toward lower price levels. However, if BNB can stabilize and recover, it may provide a glimmer of hope for a reversal.
What’s Next for BNB: Support or Further Decline?
The immediate future of BNB hinges on its ability to maintain the critical support zone between $829 and $834. If the price continues to fall below this range, it could trigger a move toward $725, where BNB may find its next support level. However, a strong recovery above this zone could shift the momentum and signal a potential rebound.
Market participants remain focused on BNB’s ability to hold these levels. The upcoming days will likely determine if BNB can reverse its current trajectory or if further declines are inevitable. As the price continues to struggle, all eyes will be on whether BNB can regain strength or face more significant losses.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
