BNB recently fell below the critical $500 support mark, signaling the continuation of a downtrend. This decline reflects increased selling pressure and growing bearish sentiment in the cryptocurrency market.
As BNB falls below this significant threshold, analysts and traders are keeping an eye out for further downward movement, potentially targeting lower support levels. A breach of the $500 mark is a key indicator of continued market weakness, suggesting that BNB could face continued challenges in the near term.
Using technical indicators to provide comprehensive insights into possible future moves, key support levels to watch, and strategies for investors and traders to navigate the ongoing recession, this article explores the bearish sentiment surrounding BNB Price.
At the time of writing, the price of BNB has dropped by over 10%, trading at around $471, with a market valuation of over $69 billion and a trading volume of over $2 billion. In the last 24 hours, BNB’s market cap has fallen by 10.88%, while trading volume has increased by 37.43%.
Technical indicators highlight sustained bearish market conditions
BNB price on 4-hour chart is live rude trading below the 100-day simple moving average (SMA). At the time of writing, the price has increased massively fall down the $500 support mark that triggered further bearishness for the crypto asset.
![BNB Drops Below $500, Extended Downtrend on the Horizon? 1 BNB](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg)
With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the BNB price is expected to face a further decline as the MACD histograms are trending below the zero line with strong momentum. Furthermore, the MACD line and the signal line have both declined sharply and are trending below the zero line with a good spread.
On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to break out the third consecutive bearish candle with strong momentum. This development suggests that the price is still actively bearish and may continue to decline.
![BNB Drops Below $500, Extended Downtrend on the Horizon? 2 BNB](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg)
Lastly, the 1-day MACD signals a potential further decline in BNB price as the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also trending below zero after a cross below it.
What to watch next on BNB
Current analysis reveals that BNB price might be heading towards the $357 support level. If BNB price hits the $357 support level and breaks below it, it could continue to rise. to tear down to test the $202 support level and potentially move on to challenge other lower levels if it breaks above the $202 level.
However, if the crypto asset encounters a rejection at the $357 support level, it will start to rise towards the $500 level once again. If it moves above this level, it could continue to rise to test the $635 resistance level and potentially move on to test other higher levels if it breaks above the $635 resistance level.
Featured image from Adobe Stock, chart from Tradingview.com