thecryptobasic.com
As bears take control of the market, Binance Coin (BNB) price signals a potential decline below $700, threatening to break key psychological support.
The crypto market is experiencing a sudden surge in selling pressure, leading to $418 million in liquidations within 24 hours. Amid these conditions, the BNB coin price is facing significant downward pressure.
BNB is down 1.11% over the last 24 hours, with a continued risk of falling below the $700 psychological support. Is a further decline in Binance Coin price imminent?
BNB Coin Price Analysis
In the 4-hour chart, the Binance Coin price initially showed a bullish breakout from a triangle pattern. However, the BNB price quickly lost bullish momentum due to the broader market correction and shifted to a bearish trend.
After failing to surpass the 61.80% Fibonacci level at $739, the price faced four consecutive bearish candles on the 4-hour chart. As a result, the price is now threatening the $700 psychological support level.
At press time, BNB traded at $708, reflecting a 1.32% intraday decline. With a lower rejection of the price, BNB is testing the 38.20% Fibonacci level.
The previous bullish breakout is nullified as the coin retests its levels and breaks through the symmetrical triangle pattern. Additionally, the MACD and signal lines have crossed into bearish territory, signaling a shift in trend.
However, the 4-hour RSI suggests a slight possibility of a bullish recovery, showing a minor divergence. Nevertheless, the overall technical indicators continue to point to a sell signal.
Binance Coin Price Targets
Given the lower price rejection, a post-retest reversal could help the BNB coin price reclaim the 50% Fibonacci level at $722.
If this occurs, the price could continue upward, potentially targeting the 78.60% Fibonacci level at $763.40.
On the bearish side, the critical support level below the $700 psychological mark lies at $684, the 23.60% Fibonacci level.