Following the late March’s drops that hit the entire crypto space, BNB slowly lost momentum and later dipped below $600. Bringing the bears back, it appears weak daily following a significant loss in the past hours.
BNB’s trading landscape has turned bearish again after signaling a buy in March. The buying was intercepted at $645 and the price closed weak.
Leading to a major sell-off this month, it lost momentum and crashed to a daily low of $520. A bounce occurred and the price retraced to $567.6 on the hourly chart, although the bearish action remains active.
Things are still looking ugly on the daily chart as there’s no signs of halt yet. Meanwhile, the hourly bounce has brought a slight relief. If the price continues to bounce, BNB may retest previous broken key levels before sliding back.
Looking at the daily timeframe, there’s still hope for the bulls. If they defend the key $500 level well in the latest dip, we can expect a solid bounce back as seen last month. If this comes into play, last month’s high is the key resistance to watch for a breakup.
Failure to hold above the mentioned key level will not just trigger a major bearish move, but will cause more havoc in the mid-term. All in all, the bears are still gaining dominance on the short-term scale.
BNB Key Level To Watch
If BNB slips off the mentioned daily low-holding a support over the past hours-the next support level to keep in mind is $500, followed by the $471.3.
As said earlier, the price has recovered briefly from the current daily low to where it currently tests the $544 resistance. If the price recovers above the daily $565 high, it may retest $588. Higher resistance levels are $617 and $645.
Key Resistance Levels: $588, $617, $645
Key Support Levels: $520, $500, $471.3
- Spot Price: $544
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.