Bittime - Traders consider the possibility that Binance Coin (BNB) will return to critical levels in a short time as the latest analysis shows a significant price increase. The asset is struggling near the $585 resistance.
Sudden price changes are often a subject of discussion in an ever-evolving world like crypto. One coin that has attracted attention recently is Binance Coin (BNB).
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BNB Price Is Increasingly Increasing
After a significant rise, BNB price is struggling near the $585 resistance. As a result, crypto assets like Ethereum and Bitcoin declined below the $580 support.
On the hourly chart of the BNB/USD pair, a major bullish trend line is forming with support near $570. Additionally, it traded as low as $571 and is currently consolidating losses.
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BNB Price Successfully Crosses Retracement Level
There was a slight upward movement above the $575 level. The price managed to cross the 23.6% Fib retracement level of the downward move from the swing high of $586 to the low of $571. Currently, the price is trading below $580 and the 100 four-hour simple moving average.
The closest resistance is located around the $578 level, or the halfway Fib retracement level of the downward move from the $586 swing high to the $571 low. Further resistance lies around the $582 level.
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Are there any additional downsides?
If BNB fails to overcome the $582 resistance, it still has the potential to move further down. Initial support on the downside is near the $572 level and the trend line.
The price may decline towards the $532 support. If there is a downside break below the $550 support, further losses could initiate a larger decline towards the $525 level.
How To Buy Crypto With Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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