#BNB Dropped 20% within last week... Hitting high $780 now trading at $620...
$BNB Price Analysis: Severe Correction Testing Critical Levels ...
Binance Coin ($BNB) is currently trading at $626.77, experiencing a sharp 11.00% drop in the last 24 hours. After reaching a 24-hour high of $705.57, $BNB has plunged to a low of $621.50, indicating significant bearish sentiment in the market.
Key Levels to Watch:
Support: $615 – A break below this level could lead to further declines, targeting $590 as the next critical 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 zone)
Risk Management:
Stop-loss: $610 to minimize downside risk.
Market Insight:
$BNB's sharp decline reflects intense selling pressure, but the support at $615 may provide a potential rebound opportunity. Traders should exercise caution and look for signs of stabilization before entering any positions. Monitor volume closely for clues on the next major move.
