Ethereum

Resistance

Giant

Gains

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. 
<ul> 
 <li>BNB price started a fresh decline below the $650 support zone.</li> 
 <li>The price is now trading below $650 and the 100-hourly simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could gain bearish momentum if there is a close below the $600 support.</li> 
</ul> 
<h2 id="bnb-price-trims-gains">BNB Price Trims Gains</h2> 
After a major increase, BNB price struggled near the $720 resistance. As a result, there was a bearish reaction below the $680 support, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-downward-3550/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falters-68k/" target="_blank" rel="noopener ">Bitcoin</a>. 
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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-612386 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Binance-Coin-BNB.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="more-losses">More Losses?</h2> 
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.

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

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