BNB Rejection At Key Level Hints At A Potential Price Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	104,499,577,093	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

104,499,577,093

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	9.59	1.47%	661.04	661.04	661.20

Price Change

Price Change %

Current Price

Bid Price

Offer

9.59

1.47%

661.04

661.20

High Price	Low Price	Open Price	Prev. Close	52 Week Range
662.42	651.34	651.60	651.44	223.35 - 832.84

High Price

Low Price

Open Price

Prev. Close

52 Week Range

662.42

651.34

651.60

651.44

223.35 - 832.84

Exchange	Last Trade	Size	Trade Price	Currency
BINA	02:17:42	0.031000	661.07	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

02:17:42

0.031000

661.07

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,942,245.02	2,933.24	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,942,245.02

2,933.24

BNB Rejection At Key Level Hints At A Potential Price Correction

17/10/2024 2:00pm

NEWSBTC

BNB has faced a significant rejection at a critical resistance level, raising concerns among traders about a potential price correction. After an impressive rally, the momentum has faltered, leaving the cryptocurrency at a crossroads. This key level has proven to be a formidable barrier, indicating that selling pressure may be increasing as bears step in. However, the big question is whether this rejection marks the beginning of a downward correction or if the bulls can muster enough strength to regain their footing and continue pushing higher. As the market navigates this pivotal moment, this piece will analyze BNB’s recent rejection at the critical resistance level and assess the implications for its price trajectory. By examining market trends, technical indicators, and trading volumes, this analysis will explore the possibility of a correction and what it could mean for traders. Indicators Pointing Toward A Downside Correction For BNB Recently, BNB’s price has turned bearish on the 4-hour chart, pulling back toward the 100-day Simple Moving Average (SMA) after facing rejection at the $605 resistance level. This downward move signals a shift in market sentiment as bulls struggle to maintain upward momentum. The rejection at the $605 resistance level has triggered heightened selling pressure that could push the price lower for a potential correction. An analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line has dropped to 57%, retreating from its previous position in overbought territory. Typically, this decline indicates that the bullish momentum is weakening after reaching a peak, as buyers are beginning to lose steam. Related Reading: BNB Under Siege: Failed Recovery Sparks Fears of Deeper Losses Furthermore, on the daily chart, BNB is exhibiting negative momentum, as evidenced by the formation of a bearish candlestick, despite trading above the 100-day SMA. This situation reveals a possible contradiction in market sentiment. Meanwhile, if selling pressure continues and BNB is unable to maintain its position above the 100-day SMA, it may lead to a more significant price drop. Finally, on the 1-day chart, the RSI has experienced a decline to 69% after rising to 62%, reflecting strong optimistic sentiment and buying pressure. Although the RSI remains above 60%, which suggests a bullish outlook, the recent drop signals that the upward momentum may be slowing down. Key Support Levels To Watch After The Rejection Following BNB’s recent rejection at the $605 resistance level, the critical support zone to watch is around $531, where buying interest may emerge. If the price drops below this level, it could signal a deeper bearish move, with the potential to push BNB down toward the $500 mark and beyond. In addition, a break below these key levels could intensify selling pressure and set the stage for further declines, making them crucial areas for traders to monitor in the short term. Related Reading: BNB Price Struggles to Hold $500: Is a Breakout Coming? However, should the bulls manage to mount a comeback and push the price above $605, the asset could continue its upward movement toward the next resistance range at $635. A successful breach of this level may trigger additional gains, allowing the price to challenge other resistance points above. Featured image from Adobe Stock, chart from Tradingview.com

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BNBUSD Binance Coin