Bearish sentiment around Binance Coin (BNB) is growing as the asset has broken below a key support level. At press time, BNB had dropped 10% in the past 24 hours, trading at $697. Notably, trading volume surged 40% to $3.75 billion, signaling a sharp rise in market participation that has caught the attention of crypto enthusiasts. The expert noted, “The chart looks weak, and if it loses $650, it is likely to revisit the $400 support level.”
Looking at the weekly chart, the BNB has lost control of a strong key support formed by an ascending trendline it had been holding since November 2023. However, the price is currently hovering near the horizontal support level of $685, and a sustained decline in BNB is raising questions about when this downside momentum will end. Based on the current price action, if BNB’s downside momentum continues and the price closes a daily or weekly candle below the $675 level, it could see a sharp drop of another 10%, potentially reaching the $610 level in the coming days.
Leave a Reply