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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

BNB Price Retraces: Altcoin Giant Trims Recent Gains, Can It Recover?

Aayush Jindal
Aayush Jindal
11 months ago
2 mins read
Binance Coin (BNB)

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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.

BNB Price
Source: BNBUSD on TradingView.com

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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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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