BNB (BNB) Price Analysis: Loses Momentum and Falls Back Inside the Support Zone

Amid this week's drops, BNB lost momentum and took a downturn today following a notable 5% loss in the last 24 hours.

BNB lost momentum and took a downturn today following a notable 5% loss in the last 24 hours. Falling back in a key zone, the price now appears weak daily as it undergoes a correction.

The past month’s recovery has been impressive, but this month’s trading appeared more volatile as the demand level rose. BNB went through small hurdles but it successfully broke out of a crucial resistance zone.

That breakout fueled a little surge after retesting the resistance zone as support. Marking resistance at $687, the price fell briefly and remained calm throughout the weekend.

As the buyers failed to push higher this week, the crypto lost momentum and fell back inside the support zone – marked orange on the daily chart. While the price still appears weak daily, there’s no sign of recovery from the orange zone. Things might get uglier for the rest of the week.

However, a close support level lies at $600 that might help BNB avoid further losses. If this key level fails to contain selling pressure, the price may break lower.

BNB Key Level To Watch

On the way down, it may face support at $600 before deciding where to head next. A breakdown from this level may result in a serious sell-off to $566 before picking up. Below it lies $543.6 – the monthly low.

If BNB manages to regain momentum, it must first retake the immediate $639 and $660 resistance levels. Moving higher, $687, $700 and $721.8 would be the next resistance levels to watch.

Key Resistance Levels: $660, $687, $721.8

Key Support Levels: $600, $566, $543.6