Will BNB Coin Retest Its $550 Mark Soon?
The crypto market saw a 2.76% correction in global valuation within the past day. BTC Price dropped to a 24-hour low of $67,529.42 after failing to hold above its support level.
**Binance (BNB) Coin Price Movement**
BNB experienced a bearish reversal after hitting a new all-time high last week. It had traded between $568 and $635 for three months before breaking resistance and surging. The BNB token added 21.57% to reach an ATH of $720.67 on June 6, 2024. However, it has since dropped about 15%.
**Market Sentiment and Technical Indicators**
The SMA shows a bearish crossover, indicating negative sentiment. The MACD displays a rising red histogram and bearish convergence, suggesting further declines.
**Future Outlook for BNB**
If the market recovers, BNB could test resistance at $635 and possibly retest its high of $720.6. If bearish trends continue, BNB might test support at $568 and could drop to $500 if bulls fail to regain control.
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