Binance Coin (BNB) Price Analysis: Bears Take Control, Threatening to Break Key Psychological Support at $700

As bears take control of the market, Binance Coin (BNB) price signals a potential decline below $700, threatening to break key psychological support.

Crypto market sell-offs intensify, leading to $418 million in liquidations. Amidst this turbulence, BNB coin price faces a crucial test with a potential decline below $700.

The crypto market has experienced a surge in selling pressure over the last 24 hours, resulting in a total of $418 million in liquidations across both crypto and fiat instruments, according to data from Coinglass. This marks a significant increase compared to the previous day's total liquidations, which amounted to $220 million.

Among the coins that faced the highest liquidation during this period was BNB, with a total of $30 million in long liquidations. This comes as the BNB coin price continues to experience downward pressure, threatening to break below the key psychological support level of $700.

BNB price now down 1.11% with further risk of falling below $700 psychological support.

The BNB coin price is trading at $708 at the time of writing, indicating a 1.32% intraday loss and a 16.36% decline over the last seven days.

In the 4-hour chart, the BNB price initially showed a bullish breakout from a triangle pattern. However, the price quickly lost bullish momentum due to the broader market correction and shifted to a bearish trend.

After failing to surpass the 61.80% Fibonacci level at $739, the price faced four consecutive bearish candles on the 4-hour chart. As a result, the price is now threatening the $700 psychological support level.

4-hour technical indicators suggest a sell signal, while RSI shows a possibility of bullish recovery.

With a lower rejection of the price, BNB is testing the 38.20% Fibonacci level. Notably, the previous bullish breakout is nullified as the coin retests its levels and breaks through the symmetrical triangle pattern.

Furthermore, the MACD and signal lines have crossed into bearish territory, signaling a shift in trend. However, the 4-hour RSI suggests a slight possibility of a bullish recovery, showing a minor divergence. Nevertheless, the overall technical indicators continue to point to a sell signal.

BNB Coin Price Analysis: Key Levels to Watch

A post-retest reversal could help the BNB coin price reclaim the 50% Fibonacci level at $722, given the lower price rejection.

If this occurs, the price could continue upward, potentially targeting the 78.60% Fibonacci level at $763.40.

On the bearish side, the critical support level below the $700 psychological mark lies at $684, the 23.60% Fibonacci level.