Binance Coin ( $BNB ) has seen a significant decline of 20% over the past week, falling from a high of $780 to its current value of around $620. The coin is trading at $626.77, down by 11.00% in the last 24 hours. After reaching a high of $705.57, $BNB has dropped to a low of $621.50, indicating strong bearish pressure in the market.
Key Levels to Monitor:
Support: $615 – If this level breaks, we could see further declines with $590 as the next major support.
Resistance: $658 – A reclaim of this level by the bulls would signal the potential for a price recovery.
Trade Strategy:
Entry Point: Consider entering around $627 for potential short-term recovery opportunities.
Target Levels:
1. $658 (Initial resistance)
2. $700 (Key resistance zone)
Risk Management:
Set a stop-loss at $610 to limit potential losses.
Market Insights: The sharp drop in $BNB ’s value points to strong selling pressure, but the $615 support could offer a rebound opportunity. Traders should remain cautious and wait for signs of stabilization before making any moves. Close attention to volume and momentum will be key to identifying the next direction for $BNB.
