Ethereum

Resistance

BNB price started a major decline and dived below the $500 support. The price is now gaining bearish momentum and might even test $420. 
<ul> 
 <li>BNB price started a major decline below the $550 support zone.</li> 
 <li>The price is now trading below $500 and the 100-hourly simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $495 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could extend losses and even test the $420 support in the near term.</li> 
</ul> 
<h2 id="bnb-price-dives-20">BNB Price Dives 20%</h2> 
In the past few days, BNB price saw a steady decline from the $580 resistance, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-dives-below-3k-2/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-55k/" target="_blank" rel="noopener ">Bitcoin</a>. In the past 2-3 sessions, the bears took control and pushed the price below the $500 support zone. 
The price is down 20% and it even spiked below the $475 support. A low was formed at $466.1 and the price is now showing a lot of bearish signs. There are hardly any signs of a recovery wave, and the price is well below the 23.6% Fib retracement level of the downward move from the $580 swing high to the $466 low. 
The price is now trading below $500 and the 100-hourly simple moving average. If there is a recovery wave, the price could face resistance near the $485 level. The next resistance sits near the $492 level. There is also a connecting bearish trend line forming with resistance at $495 on the hourly chart of the BNB/USD pair. 
A clear move above the $495 zone could send the price higher. In the stated case, BNB price could test $520 or the 50% Fib retracement level of the downward move from the $580 swing high to the $466 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627983 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $520 resistance might set the pace for a larger increase toward the $535 resistance. Any more gains might call for a test of the $550 level in the coming days. 
<h2 id="more-losses">More Losses?</h2> 
If BNB fails to clear the $492 resistance, it could continue to move down. Initial support on the downside is near the $465 level. 
The next major support is near the $455 level. The main support sits at $450. If there is a downside break below the $450 support, the price could drop toward the $432 support. Any more losses could initiate a larger decline toward the $420 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 25 level. 
Major Support Levels – $465 and $450. 
Major Resistance Levels – $485 and $492.

BNB Price Plummets Below $500: Bears Eye $420 With 20% Decline

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