Convergence

Drops

Divergence

BNB has recently fallen below the critical $500 support mark, signaling the continuation of a bearish trend. This decline reflects increased selling pressure and growing bearish sentiment within the cryptocurrency market.&nbsp; 
As BNB slips under this significant threshold, analysts and traders are closely watching for further downward movement, potentially targeting lower support levels. The breach of the $500 mark is a key indicator of ongoing market weakness, suggesting that BNB may face continued challenges in the near term. 
With the help of technical indicators to provide comprehensive insights into potential future movements, key support levels to watch, and strategies for investors and traders to navigate the ongoing downturn, this article explores the bearish sentiment surrounding <a href="https://www.newsbtc.com/news/binance-coin/bnb-price-faces-critical-juncture-head-and-shoulders-breakout-or-bearish-dip-below-200/" target="_blank" rel="noopener ">BNB’s price</a>.&nbsp; 
At the time of writing, BNB’s price was down by over 10%, trading at about $471, with a market valuation of more than $69 billion and a trading volume of more than $2 billion. In the last 24 hours, the market capitalization of BNB has dropped by 10.88%, while trading volume has increased by 37.43%. 
<h2 id="strong-technical-indicators-highlight-sustained-bearish-market-conditions-strong">Technical Indicators Highlight Sustained Bearish Market Conditions</h2> 
The price of BNB on the 4-hour chart is actively <a href="https://www.newsbtc.com/news/bearish-bnb-signs-hint-downtrend/" target="_blank" rel="noopener ">bearish</a> trading below the 100-day Simple Moving Average (SMA). As of the time of writing, the price has made a huge drop below the $500 support mark which has triggered more bearishness for the crypto asset. 
<img loading="lazy" decoding="async" class="size-large wp-image-628040" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=860&amp;resize=860%2C500" alt="BNB" width="860" height="500" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=1438 1438w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=860&amp;resize=860%2C500 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the price of BNB is set to face further decline as the MACD histograms are trending below the zero line with strong momentum. Also, the MACD line and signal line have sharply dropped and are trending below the zero line with a good spread. 
On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to drop the third bearish candlestick in a row with strong momentum. This development suggests that the price is still actively bearish and may continue to decline. 
<img loading="lazy" decoding="async" class="wp-image-628042 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=860&amp;resize=860%2C500" alt="BNB" width="860" height="500" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=1438 1438w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=860&amp;resize=860%2C500 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Lastly, the 1-day MACD signals a potential further decline in the price of BNB since the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also observed to be trending below zero after a cross below it. 
<h2 id="strong-what-to-watch-next-for-bnb-strong">What To Watch Next For BNB</h2> 
Current analysis reveals that the price of BNB could be heading toward the $357 support level. If BNB’s price reaches the $357 support level and breaks below, it may continue to <a href="https://www.newsbtc.com/news/binance-coin-struggles-below-290-resistance-where-would-price-go/" target="_blank" rel="noopener ">drop</a> to test the $202 support level and potentially move on to challenge other lower levels if it breaches the $202 level. 
However, should the crypto asset encounter a rejection at the $357 support level, it will begin to move upward toward the $500 level once again. If it moves above this level, it may continue to climb to test the $635 resistance level and potentially move on to test other higher levels if it breaches the $635 resistance level. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/VOjzNYE1/" alt="BNB" width="2283" height="1351">

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

Table of Contents

NewsBTC

Alte articole publicate pe 5 iul. 2024

EBA Expands Crypto Guidelines

High Court Freezes Craig Wright Assets, Orders £1.548M Payment Of Legal Fees

Mt. Gox Transfers More Bitcoin to Exchanges

MoonBag Liquidity Plan Surpasses Immutable X and Bitcoin Cash – Secure Your Future Today

Michael Kane Sentencing: Ex-Hydrogen Technology CEO Bags 3.75 Years Jail Term Over Price Manipula...

Mt. Gox Repayment Serves as Catalyst for BTC to Fall Below $60,000

Join our free newsletter for daily crypto updates!