The cryptocurrency market is grappling with heightened selling pressure, leading to a staggering $418 million in liquidations within 24 hours. Binance Coin (BNB) is one of the hardest-hit assets, with its price down by 1.11% over the past day and testing the critical $700 psychological support level.
BNB Coin Price Analysis
In recent price action, BNB initially displayed bullish momentum, breaking out from a symmetrical triangle pattern on the 4-hour chart. However, this upward move was short-lived as the broader market correction took hold, reversing gains and initiating a bearish trend.
BNB failed to surpass the 61.80% Fibonacci retracement level at $739, resulting in four consecutive bearish candles. As of press time, the coin trades at $708, reflecting a 1.32% intraday decline. The price is now hovering near the 38.20% Fibonacci level, signaling further risk to the downside.
Key technical indicators paint a mixed picture. The Moving Average Convergence Divergence (MACD) indicator shows bearish momentum as its signal line crosses below the zero mark. Meanwhile, the Relative Strength Index (RSI) indicates a slight bullish divergence, suggesting a potential short-term recovery.
Price Targets: Is a Reversal Possible?
For a bullish reversal to materialize, BNB must retest and hold above the $700 psychological support level. A successful post-retest recovery could propel the price toward the 50% Fibonacci level at $722. Further gains could see BNB targeting the 78.60% Fibonacci retracement at $763.40.
On the downside, if BNB fails to sustain above $700, the next critical support lies at $684, aligning with the 23.60% Fibonacci level. Breaching this level could open the door to further declines, exacerbating bearish sentiment.
Market Outlook
As the crypto market remains volatile, Binance Coin’s trajectory hinges on broader market sentiment and buyers’ ability to defend key support zones. Traders are advised to monitor technical indicators closely, as they suggest potential price swings in both directions.
Also Read: Binance Fixes PENGU Token Data Glitch, Announces 135M Token Airdrop Amid 500% Price Surge
While a recovery remains plausible, the ongoing bearish momentum underscores the need for caution, particularly if BNB slips below $700, potentially signaling deeper corrections ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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