Heavy Selling Pressure on BNB: Oversold Conditions Hint at Bounce
$BNB

Binance Coin (BNB) is experiencing significant bearish pressure, with its price plummeting by 12.52% over the past 24 hours to $435.0. The 4-hour chart indicates a sharp decline from $496.9, with crucial support levels at $375.1 and $291.3. Resistance is noted at the 200 SMA level of $553.2, which is vital for any potential recovery. The RSI on both 4-hour and 1-day charts is near oversold territory, suggesting that the selling may be overextended and a short-term bounce could be on the horizon. Additionally, the MACD on both charts confirms bearish momentum, but any divergence might indicate a reversal. The immediate trend remains bearish, but holding the key support levels could prevent further declines and provide a base for recovery, especially if macroeconomic factors stabilize.

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