BNB Faces Challenges in Converting Resistance to Support.
BNB Chart Analysis
At the time of writing, BNB is trading at $540, having dropped 9.8% over the past four days. This decline occurred after BNB entered its five-month resistance block from $575 to $619. Since early March, BNB has attempted to enter and surpass this resistance zone nine times but succeeded only twice. One of these successes resulted in the altcoin reaching a new all-time high of $721 in early June.
BNB, having fallen below the $550 support, seems to need stronger bullish signals to rise again. However, it is uncertain whether BNB can break through the resistance block. A drop below $520 could be detrimental to investors’ gains. BNB’s price might then fall to test the $495 support. However, if $550 turns into support and the altcoin rises again, it could re-enter the resistance block and invalidate the bearish thesis.
