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11/06/24
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Technical Outlook on the Performance of Binance Coin (BNB)
It was difficult for the bulls to push BNB/USD further to the upside close to the barrier level at $720, following a significant rally. The bears swung into action, prompting a downside move beneath the support level at $680.
A look at its 4-hour chart shows that there was a fall beneath the support level at $650, as well as below the 100 SMA. BNB was able to reach a low level of $613 prior to initiating current consolidation of losses beneath the 23.6% Fibonacci correction level of the fall from $724 swing high to $613 low.
Its current performance is at levels beneath $650, as well as below the 100 hourly SMA. The next barrier level on the way upward is close to $630, while the immediate barrier level exists close to $640.
The same 1-hour chart shows the formation of a major declining trend line with a barrier level at $650. The ability of the bulls to push BNB clearly past the $650 area could bring about more moves to the upside.
In such a situation, BNB may be able to visit $665. If BNB closes past the barrier level at $665, the bulls may be able to pave the way for a more significant upswing toward the barrier level at $672. If there are any additional gains, BNB may be compelled to visit $680 over the coming several sessions.
On the other hand, the failure of the bulls to push BNB clearly past the barrier level at $640 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $615.
The immediate key support level is close to $605. The major support level is located at $600. If BNB breaks beneath the support level at $600, BNB may be compelled to fall towards the support level at $580. If there are any additional losses, the bears may be able to pave the way for a more significant fall towards $550.
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