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BNB Drops Below $500, Extended Bearish Trend On The Horizon?

5 July 2024
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BNB has just lately fallen under the important $500 assist mark, signaling the continuation of a bearish development. This decline displays elevated promoting stress and rising bearish sentiment inside the cryptocurrency market. 

As BNB slips beneath this vital threshold, analysts and merchants are carefully anticipating additional downward motion, doubtlessly concentrating on decrease assist ranges. The breach of the $500 mark is a key indicator of ongoing market weak spot, suggesting that BNB might face continued challenges within the close to time period.

With the assistance of technical indicators to supply complete insights into potential future actions, key assist ranges to look at, and methods for traders and merchants to navigate the continued downturn, this text explores the bearish sentiment surrounding BNB’s value. 

On the time of writing, BNB’s value was down by over 10%, buying and selling at about $471, with a market valuation of greater than $69 billion and a buying and selling quantity of greater than $2 billion. Within the final 24 hours, the market capitalization of BNB has dropped by 10.88%, whereas buying and selling quantity has elevated by 37.43%.

Technical Indicators Spotlight Sustained Bearish Market Circumstances

The value of BNB on the 4-hour chart is actively bearish buying and selling under the 100-day Easy Transferring Common (SMA). As of the time of writing, the worth has made an enormous drop under the $500 assist mark which has triggered extra bearishness for the crypto asset.

Supply: BNBUSDT on Tradingview.com

With the formation of the 4-hour Transferring Common Convergence Divergence (MACD), the worth of BNB is about to face additional decline because the MACD histograms are trending under the zero line with robust momentum. Additionally, the MACD line and sign line have sharply dropped and are trending under the zero line with an excellent unfold.

On the 1-day chart, it may be noticed that BNB is buying and selling under the 100-day SMA and is making an attempt to drop the third bearish candlestick in a row with robust momentum. This improvement means that the worth remains to be actively bearish and will proceed to say no.

BNB
Supply: BNBUSDT on Tradingview.com

Lastly, the 1-day MACD indicators a possible additional decline within the value of BNB for the reason that MACD histograms are trending under the zero line with robust momentum. Each the MACD line and the MACD sign line are additionally noticed to be trending under zero after a cross under it.

What To Watch Subsequent For BNB

Present evaluation reveals that the worth of BNB might be heading towards the $357 assist degree. If BNB’s value reaches the $357 assist degree and breaks under, it could proceed to drop to check the $202 assist degree and doubtlessly transfer on to problem different decrease ranges if it breaches the $202 degree.

Nevertheless, ought to the crypto asset encounter a rejection on the $357 assist degree, it’ll start to maneuver upward towards the $500 degree as soon as once more. If it strikes above this degree, it could proceed to climb to check the $635 resistance degree and doubtlessly transfer on to check different increased ranges if it breaches the $635 resistance degree.

BNB
BNB buying and selling at $468 on the 1D chart | Supply: BNBUSDT on Tradingview.com

Featured picture from Adobe Inventory, chart from Tradingview.com



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Tags: BearishBNBDropsExtendedHorizonTrend
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