BNB Falters At $600, Paving The Way For A Deeper Pullback
The post BNB Falters At $600, Paving The Way For A Deeper Pullback appeared on BitcoinEthereumNews.com.
BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. While bulls are struggling to regain control, the bears are gaining confidence, signaling a potential shift in market direction. With the rally halted and key support levels under threat, BNB is now facing an increased risk of a pullback, leaving traders on edge as the price hovers at this crucial threshold. As BNB faces the formidable $600 resistance, the aim is to analyze the mounting pressure that has halted its recent rally. We will explore the technical indicators that signal a potential downturn, market sentiment, and potential price movements as the bulls fight to regain control. Risk Assessment: Evaluating The Downside Potential Despite BNB’s price trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which typically signals a positive trend, the cryptocurrency has faced significant resistance at the $600 mark. This resistance has resulted in a noticeable pullback, indicating that upward momentum falters as sellers capitalize on the current price level. An analysis of the 4-hour Relative Strength Index (RSI) suggests a potential price drop as the RSI line is dropping from the overbought zone toward the 50% threshold, reflecting rising bearish pressure for the cryptocurrency that might push the price toward $537. Also, on the daily chart, BNB is currently showing bearish momentum as it drops toward the $537 mark. Since breaking above the 100-day SMA, the price has experienced a consistent upward trend without any significant pullbacks, indicating that a huge correction may be on the horizon. Finally, on the 1-day chart, a comprehensive analysis of the RSI signal line reveals a recent decline to 68% after peaking at 72%. This movement suggests…
Filed under: News - @ September 24, 2024 2:23 pm