Binance price plummets 15%! Will BNB coin retest the $550 mark?
The cryptocurrency market has experienced a global sharp correction in the past day, with the overall valuation falling by 2.76%. BTC Price, as the market leader, also failed to hold the support level, with its 24-hour minimum price of $67,529.42.
Among them, after BNB hit a new high last week, its price chart showed a strong bearish reversal, indicating that the negative impact of the cryptocurrency market is increasing. Faced with such high volatility, whether BNB price can regain momentum or plummet further has become the focus of market attention.
Binance price shows bearish reversal
After trading in the range of $568 to $635 for about three months, BNB successfully broke through the important resistance level and achieved a sharp surge in valuation. However, the good times did not last long. After the BNB token increased by 21.57% in the next six days and hit a new all-time high of $720.67 on June 6, 2024, it experienced a bearish reversal, losing about 15% of its valuation, showing that the selling pressure on the BNB token in the market is increasing.
BNB Market Sentiment
From the technical indicators, the SMA showed a bearish crossover on the 1D time frame, which further strengthened the market's bearish sentiment towards altcoins. Meanwhile, the Moving Average Convergence Divergence showed an ascending red histogram, and its average recorded a bearish convergence, indicating that the price of Binance Coin may face a negative outlook in the coming period.
BNB Price Trend Forecast
If the market is able to regain momentum, the BNB token price may test its resistance level of $635 again. If this level is maintained, it will lay the foundation for the Binance Coin to try to retest its all-time high of $720.6 in the coming weeks.
However, if the bears continue to dominate the market, the BNB token may test its support level of $568. Worse yet, if the bulls fail to regain strength, the Binance cryptocurrency could plunge further and potentially test its lower support at $500 this month.
