Binance Coin (BNB) Takes a Hit: Bears Aim for Sub-$580 Levels

Binance Coin (BNB) is facing strong selling pressure after failing to maintain momentum above the $616.45 support level.

Binance Coin (BNB) is facing strong selling pressure after failing to maintain momentum above the $616.45 support level.

This breakdown could open the door for a steeper decline, with traders now eyeing a potential move toward the next major support zone around $576.95.

Can bulls regain strength, or is BNB heading toward new monthly lows? Let’s break down the latest market action and key levels to watch.

Binance (BNB) Sell Idea

suggest that sellers are continuing to exert pressure on the cryptocurrency.

This weakness has been unfolding against a backdrop of broader market turbulence, with cryptocurrencies struggling to maintain gains amid regulatory concerns and broader economic uncertainty.

Pointing to a bearish continuation pattern, today’s sharp drop could see sellers aiming for the next Fibonacci level, which is located around $576.95.

A more bearish count could have sellers eyeing an even deeper downside target, which is Fibonacci, at $541.63.

However, for traders to set their sights on these lower Fib levels, sellers will need to continue to push lower and break through the next support zone, which is composed of the 38.2% Fibonacci retracement at $576.95.

Alternatively, if traders manage to stall the decline and push back above the 50% Fib, then we could see a return toward the 61.8% Fib, which is located at $680.48.

At this stage, the Stochastic indicator is transitioning into oversold territory, which could favor a slowdown in the selling momentum.

suggest that the decline in the Stochastic indicator could put a floor on prices.

Overall, BNB is facing a difficult period, with sellers now in control and aiming for lower price levels.

The failure to hold above the $616.45 support signals an increase in selling pressure, making lower price levels more likely in the coming days.

The market’s rejection from key resistance levels and the formation of consecutive bearish candles indicate that sellers remain firmly in charge.

With no immediate bullish catalyst in sight, BNB’s price action suggests a further downside move is likely in the coming days.