BNB Price Plummets Below $500: Bears Eye $420 With 20% Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	76,631,508,585	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

76,631,508,585

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-4.96	-1.01%	485.32	485.26	485.32

Price Change

Price Change %

Current Price

Bid Price

Offer

-4.96

-1.01%

485.32

485.26

485.32

High Price	Low Price	Open Price	Prev. Close	52 Week Range
491.74	471.27	490.28	490.28	210.00 - 720.47

High Price

Low Price

Open Price

Prev. Close

52 Week Range

491.74

471.27

490.28

210.00 - 720.47

Exchange	Last Trade	Size	Trade Price	Currency
BINA	03:30:07	0.489000	485.32	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

03:30:07

0.489000

485.32

USD

Price x Volume	Volume	Base Symbol	Related Pairs
6,182,540.29	12,818.70	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

6,182,540.29

12,818.70

BNB Price Plummets Below $500: Bears Eye $420 With 20% Decline

05/07/2024 5:58am

NEWSBTC

BNB price started a major decline and dived below the $500 support. The price is now gaining bearish momentum and might even test $420. BNB price started a major decline below the $550 support zone. The price is now trading below $500 and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $495 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could extend losses and even test the $420 support in the near term. BNB Price Dives 20% In the past few days, BNB price saw a steady decline from the $580 resistance, like Ethereum and Bitcoin. In the past 2-3 sessions, the bears took control and pushed the price below the $500 support zone. The price is down 20% and it even spiked below the $475 support. A low was formed at $466.1 and the price is now showing a lot of bearish signs. There are hardly any signs of a recovery wave, and the price is well below the 23.6% Fib retracement level of the downward move from the $580 swing high to the $466 low. The price is now trading below $500 and the 100-hourly simple moving average. If there is a recovery wave, the price could face resistance near the $485 level. The next resistance sits near the $492 level. There is also a connecting bearish trend line forming with resistance at $495 on the hourly chart of the BNB/USD pair. A clear move above the $495 zone could send the price higher. In the stated case, BNB price could test $520 or the 50% Fib retracement level of the downward move from the $580 swing high to the $466 low. A close above the $520 resistance might set the pace for a larger increase toward the $535 resistance. Any more gains might call for a test of the $550 level in the coming days. More Losses? If BNB fails to clear the $492 resistance, it could continue to move down. Initial support on the downside is near the $465 level. The next major support is near the $455 level. The main support sits at $450. If there is a downside break below the $450 support, the price could drop toward the $432 support. Any more losses could initiate a larger decline toward the $420 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 25 level. Major Support Levels – $465 and $450. Major Resistance Levels – $485 and $492.

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BNBUSD Binance Coin