[BNB rejection at key levels hints at potential price correction]
BNB encountered major rejection at the key resistance level of 605, leading traders to worry that the price could pull back. Recent gains are fading, leaving the market at a critical crossroads. The rejection showed increasing selling pressure and raised concerns about a price drop. However, it remains uncertain whether this is the start of a pullback or if bulls will regroup to push prices higher.
Technical analysis shows BNB price retreating back near the 100-day simple moving average (SMA) on the 4-hour chart, signaling a shift in market sentiment and waning buyer momentum. Additionally, the RSI indicator has retreated from the overbought zone to 57%, suggesting that bullish momentum is fading. On the daily chart, while BNB remains above the 100-day SMA, the formation of a bearish candlestick indicates negative momentum.
Support is currently around 531 and if the price falls below this level, BNB could fall further to 500 or lower. Conversely, if the bulls fight back and manage to push the price above 605, BNB could challenge the resistance zone at 635, pushing the upside further.
