Bearish Candlesticks
BNB Under Siege: Failed Recovery Sparks Fears of Deeper Losses
Published
3 hours agoon
By
adminBNB finds itself under renewed selling pressure as a recent recovery attempt falls short, leaving the cryptocurrency vulnerable to further losses. Despite a brief upward movement, BNB’s failure to break through key resistance levels has sparked concerns about a deepening decline. With technical indicators signaling potential weakness ahead, the question now is whether the token can regain its footing or if further losses are inevitable.
As bearish sentiment intensifies, this analysis aims to evaluate the technical indicators signaling weakness in BNB’s price action and assess whether the asset can stage a recovery or face more declines. By exploring key support levels, market sentiment, and price trends, the goal is to determine BNB’s next move and the likelihood of a bullish reversal or sustained bearish momentum.
Key Technical Indicators Flash Warning Signs
BNB has recently entered pessimistic territory on the 4-hour chart, dipping just below the 100-day Simple Moving Average (SMA) and approaching the crucial $531 support level. This drop below the 100-day SMA indicates weakening strength, and with sellers taking control, the cryptocurrency faces the potential for more losses.
An analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line has dropped below the 50% threshold toward 42%, suggesting that buying pressure is waning, as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% implies that sellers are gaining control, which could lead to downward pressure on the price.
After facing resistance at $587, BNB has shown significant downbeat movement on the daily chart, marked by the formation of a strong bearish candlestick. The price has now fallen toward the 100-day SMA, signaling mounting selling pressure. If the negative trend continues, BNB may experience additional declines, leading to a reduction in buying interest.
Furthermore, a closer look at the RSI on the 1-day chart shows that the signal line has once again dropped below the 50% threshold, now sitting at 48%, after previously rising above it. Unless the bulls step in to shift momentum, the market could be set for more drops, as the current RSI level suggests weakening buying strength and heightened bearish control.
Trading Strategy: Navigating BNB Bearish Pressure
BNB’s recent price action indicates potential continued declines if downbeat momentum intensifies. If the price hits the critical $531 mark and closes below it, this could pave the way for further losses, possibly driving the asset down toward the $500 level.
However, should buyers step in and regain control at the $531 level, there is a chance for a bullish reversal and the price will start moving upward toward the 605 resistance level, especially if the RSI shows signs of recovery.
Source link
You may like
The next potential breakout token after Shiba Inu and PEPE?
X Empire (XEMP) Daily Combo Codes, Riddle & Rebus For Today October 11
What Do Bitcoin Miners Expect Next?
Fairdesk crypto exchange to shut down, cites market conditions
Anti-Crypto Jamie Dimon Considers Political Future Amid JPMorgan’s Earnings
$34,000,000,000 Owed To Customers at American Express, JPMorgan Chase and Capital One As Reward Hoarders Get Squeezed: Report
The next potential breakout token after Shiba Inu and PEPE?
X Empire (XEMP) Daily Combo Codes, Riddle & Rebus For Today October 11
BNB Under Siege: Failed Recovery Sparks Fears of Deeper Losses
What Do Bitcoin Miners Expect Next?
Fairdesk crypto exchange to shut down, cites market conditions
Anti-Crypto Jamie Dimon Considers Political Future Amid JPMorgan’s Earnings
$34,000,000,000 Owed To Customers at American Express, JPMorgan Chase and Capital One As Reward Hoarders Get Squeezed: Report
OSCE hosts workshop aimed at crypto regulation in Eastern Europe
US PPI Inflation Data Further Sparks Concern Over Bitcoin Dip Ahead
Binance Exec Tigran Gambaryan Denied Bail Despite ‘Meeting All the Requirements,’ Says Family
Metaplanet’s Bitcoin reserves nearing 750 BTC after bulk buy
Tron’s Justin Sun Shares Vision For Liberland As Prime Minister
CZ’s first public appearance since release set for Dubai
Trump-Themed PoliFi Tokens Buck Bitcoin Downtrend as China Stimulus Hopes Return
BlackRock & Metaplanet Buy Bitcoin Dips As Crypto Market Turns Sour
182267361726451435
Top Crypto News Headlines of The Week
Bitcoin Open-Source Development Takes The Stage In Nashville
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum, Solana touch key levels as Bitcoin spikes
Why Did Trump Change His Mind on Bitcoin?
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 4 weeks ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?