Binance Coin (BNB) is experiencing ups and downs in the crypto market, currently priced at $665 after a slight rebound during the day. Despite this recent increase, negative signs remain, raising doubts about the token’s short-term future. As the overall market stabilizes and the crypto market prepares for important events like the FOMC meeting, BNB’s next steps depend on whether it can stay above key support levels. Traders and analysts closely watch its price action, which has shown alternating green and red days, signalling uncertainty.
Bearish Momentum After Triangle Breakdown
Binance Coin (BNB) recently fell to a 7-day low of $637 but bounced back and stayed above its 100-day Exponential Moving Average (EMA). However, there is strong resistance at $674.95, which is where the 61.80% Fibonacci retracement line is located. This means that the upward trend might have a hard time moving forward, and there could be additional losses. A symmetrical triangle failure is a common sign that the market may decline. This suggests that the current recovery might be a test of the already broken triangle.
$650 Support Highlighted
BNB buyers are paying close attention to the critical $650 support level. If prices drop below this essential level, it could lead to a more significant decrease, with the following essential support points at $628 and $623 (the 200 EMA). This area is seen as a possible turning point, where buyers may come in to stop prices from falling more. If BNB does not stay above these values, it may lead to a prolonged decline in its value.
Possible Benefits
If BNB gets strong support and bounces back from around $628, it could reach $675 again. If the token breaks through this resistance, it may go higher, with the following goal being $708. This could increase positive feelings in the market, especially if the upcoming FOMC meeting shows a more relaxed approach that helps the overall market.
Conclusion
As BNB approaches a critical support level, its price changes will probably be influenced by market analysis and broader economic conditions. Traders will pay close attention to the $650 mark. If it remains stable, there could be a price increase.
