BNB (BNB) Price Analysis: Amid the Latest Drops, BNB's Price Declined by 3% Weekly

Amid the latest drops, BNB's price declined by 3% weekly as it showed signs of weakness on a daily scale. However, it has bounced slightly from a weekly low but is currently footing another bearish move.

BNB’s (BNB) price showed signs of weakness on a daily scale this week, as its price declined by 3% weekly amid the latest crypto drops. However it has bounced slightly from a weekly low, but is currently footnoting another bearish move.

BNB’s Retracement Ended Last Week With A Critical Resistance At $600.

BNB’s retracement came to an end last week after the coin experienced a major recovery from a low of $400 earlier this month. But BNB closed that week in a loss as it faced a critical resistance at $600 and began selling.

The bearish crossover led to further reductions this week and the price fell to $520 yesterday. But the crypto has risen slightly since then and is currently changing hands briefly at around $540.

BNB’s structure is now bearish again due to the drops. A drop below the key $500 level could set the market up for a bigger crash in the coming days.

But holding this key level well could fuel another increase with an inverse head and shoulder pattern on the daily chart. If BNB successfully flips the critical resistance level that triggered the recent drops, the bullish pattern will be validated.

Now that this resistance has become a strong obstacle for the bulls, BNB may remain bearish in the short term until it finds a breakthrough. As of now, the next breakdown will be at the mentioned monthly low, which is the major support to watch.

BNB Key Level To Watch

While yesterday’s low is currently serving as a temporal support, a drop below it could send the price to $496 and $454.7 by the end of the month. Below it lies $427.3 in case of more dips.

If the price bounces back, there’s a close resistance at $553 and $575 before pushing to the $605 resistance. A breakthrough that resistance should activate a rally to $634 and potentially $659 within a short time.

Key Resistance Levels: $553, $575, $605.6

Key Support Levels: $520, $496, $454.7

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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