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

Table of Contents

NewsBTC

Other articles published on Jul 5, 2024

MicroStrategy's Michael Saylor Reacts to BTC Price Slump

The Final Countdown Before Bull Market? 2021 Pattern? Most Perspective Crypto Projects For Curren...

MoonBag Secures Listing on LBank: Is Coinbase Next For The Highly Lucrative Meme Coin?

Secure Your Spot on the Qubetics Whitelist and Watch it Soar Past Ripple and Internet Computer Pr...

Bitcoin Slumps 7% As Crypto Crash Triggers $588 Million Liquidations Amid Mt. Gox Selloff Fears

Say Goodbye to Toncoin and Theta, Unlock Financial Freedom with Qubetics Whitelist

Join our free newsletter for daily crypto updates!