Binance Coin (BNB) has dipped below the critical $500 support level, indicating a prolonged bearish trajectory in the cryptocurrency market. With a price drop of over 10%, BNB is currently hovering around $471, showcasing a market valuation surpassing $69 billion and a trading volume exceeding $2 billion. Technical analysis points to persistent bearish sentiment as BNB trades under the 100-day SMA on both the 4-hour and 1-day charts, with MACD histograms confirming downward momentum below the zero line.
Binance Coin (BNB) has fallen below the critical $500 support level, signaling an extended bearish trend within the cryptocurrency market. At the time of writing, BNB’s price has dropped by over 10%, currently trading around $471 with a market valuation exceeding $69 billion and a trading volume of more than $2 billion. The market capitalization declined by 10.88% in the last 24 hours, while trading volume increased by 37.43%.
Technical analysis indicates sustained bearish conditions, with BNB trading below the 100-day Simple Moving Average (SMA) on both the 4-hour and 1-day charts. The Moving Average Convergence Divergence (MACD) histograms are trending below the zero line with strong momentum, suggesting potential further declines. Analysts are closely monitoring support levels at $357 and $202, with possible resistance levels at $500 and $635 should any upward movement occur.
