BNB Battles Persistent Bearish Pressure, Will $500 Be The Next Stop?
August 30 2024 - 7:30AM
NEWSBTC
BNB is currently under increasing bearish pressure, potentially
setting it on a path toward the $500 mark. As sellers strengthen
their control, the cryptocurrency seems poised for a further drop
to this crucial support level, raising the question, will BNB
manage to break through these bearish barriers and move toward its
target, or will it give in to the ongoing downtrend? This
article aims to dissect the current bearish pressure weighing on
BNB and evaluate its potential to reach the $500 mark. We will
delve into key technical indicators, market sentiment, and
potential scenarios to offer a clear perspective on BNB’s journey
and its potential to navigate through the ongoing downtrend toward
this crucial target. Bearish Trends In Focus: Is $500 On The
Horizon? An analysis of the ongoing bearish trend and its impact on
BNB’s price target reveals that, on the 4-hour chart, BNB’s price
is currently trading below the 100-day Simple Moving Average (SMA),
indicating negative momentum. The cryptocurrency has formed three
consecutive bearish candlesticks, suggesting that selling pressure
is intensifying and could further drive the price down toward the
$500 mark. Additionally, on the 4-hour chart, both the signal line
and the SMA of the Composite Trend Oscillator have dropped below
the zero mark and are trending in the oversold zone, with no signs
of crossing back up. This positioning highlights that bearish
pressure continues to dominate the market, indicating the potential
for additional price declines. On the daily chart, BNB has shown
significant bearish movement below the 100-day SMA following a
failed attempt to break through at $605. This downward trend
reflects strong selling pressure and pessimistic market sentiment,
increasing the likelihood that the cryptocurrency could decline
toward the $500 mark. Finally, the 1-day composite trend oscillator
indicates sustained bearish pressure for BNB. The signal line has
fallen below the SMA of the indicator, with both lines approaching
the zero mark. As prices continue to struggle, this positioning
highlights ongoing downbeat sentiment and implies that negative
market conditions may persist. Potential Reactions: How Will BNB
Move Post-$500? If BNB successfully reaches the $500 mark and
encounters resistance, the price could start to climb toward
the $537 resistance mark. Should it break through this resistance,
BNB may continue to ascend, with the next significant target being
the $605 resistance level and potentially higher levels beyond.
Conversely, if BNB breaks through $500 with strong momentum, it
could trigger a persistent decline toward the $454 support level.
When this support is breached, BNB could target even lower levels,
potentially heading toward $357 or below. Featured image from
iStock, chart from Tradingview.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024