#BNB Down 20% over the past week... Hit a high of $780 and is now trading at $622...
$BNB Price Analysis: Sharp Correction Tests Critical Levels...
Binance Coin (BNB) is currently trading at $626.77, having seen a sharp 11.00% decline in the last 24 hours. After hitting a 24-hour high of $705.57, it $BNB dropped to a low of $621.50, indicating a significant bearish sentiment in the market.
Key Levels to Watch:
Support: $615 - A drop below this level could lead to further declines, targeting $590 as the next crucial support.
Resistance: $658 – Bulls need to reclaim this level to signal any potential recovery.
Trade Setup:
Entry Point: Around $627 for short-term recovery opportunities.
Targets:
1. $658 (short-term resistance)
2. $700 (key recovery area)
Risk Management:
Stop Loss: $610 to reduce downside risk.
Market Overview:
The sharp drop to $BNB reflects intense selling pressure, but support at $615 could provide a potential bounce opportunity. Traders should be cautious and look for signs of stabilization before entering any positions. Keep a close eye on volume for clues on the next major move.
