BNB price started a strong decline and dropped below the $500 support. The price is now gaining bearish momentum and may even test $420.
- BNB price has started a significant decline below the $550 support zone.
- The price is currently trading below $500 and the 100-hour simple moving average.
- There is a connecting bearish trendline forming with resistance at $495 on the hourly chart of BNB/USD (data source: Binance).
- The pair may continue to fall and even test the $420 support in the near future.
BNB Price Drops 20%
In the last few days, BNB price has been steadily declining from the $580 resistance, like Ethereum and Bitcoin. In the last 2-3 sessions, the bears have taken control and pushed the price below the $500 support zone.
The price has fallen by 20% and even dropped below the $475 support. The low was formed at $466.1 and the price is now showing many bearish signs. There are almost no signs of a recovery wave and the price is well below the 23.6% Fibonacci retracement level of the downward move from the $580 swing high to the $466 low.
The price is currently trading below $500 and the 100-hour simple moving average. If there is a recovery wave, the price may face resistance near $485. The next resistance is near $492. There is also a connecting bearish trendline forming with resistance at $495 on the hourly chart of BNB/USD.
A clear move above the $495 zone could push the price higher. In this case, BNB price could test $520 or the 50% Fibonacci retracement level of the downward move from the $580 swing high to the $466 low.
A close above the $520 resistance could set the pace for more gains towards the $535 resistance. Any further gains could require a test of the $550 level in the coming days.
More losses?
If BNB fails to break the $492 resistance, it may continue to move lower. Initial support on the downside is near the $465 level.
The next major support is around $455. The main support is at $450. If there is a break below the $450 support, the price could fall towards the $432 support. Any further losses could trigger a stronger fall towards the $420 level.
Technical indicators
Hourly MACD – MACD for BNB/USD is gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 25 level.
The main support levels are $465 and $450.
The main resistance levels are $485 and $492.
